Australia is set to follow the lead of countries like the US and Hong Kong by allowing its citizens to invest in Bitcoin exchange-traded funds (ETFs). The Australian Securities Exchange (ASX) is expected to approve its first batch of spot Bitcoin ETFs by the end of the year, with notable players such as VanEck, BetaShares, and DigitalX applying for approval. ASX, the largest equity exchange in Australia, has a domestic market capitalization of $2.7 trillion and over 2000 issuers.

This would be Australia's second attempt at launching such products, after previous offerings were withdrawn due to lack of demand and market downturns. Despite past setbacks, issuers are optimistic about the current market, citing increased interest and demand from advisors and brokers.

While Bitcoin ETFs initially saw significant growth in popularity and assets under management, recent weeks have seen outflows exceeding $300 million, suggesting a decline in investor enthusiasm. However, there is still hope that these products may regain traction in the future.