After the US and Hong Kong, Australia is preparing for a series of Bitcoin exchange-traded fund (ETF) launches. The ASX, which manages around 80% of the country's share trades, is expected to approve the first Bitcoin ETFs before the end of 2024.

These applications follow the success of US Bitcoin ETFs, which have attracted $53 billion this year. Funds that invest directly in Bitcoin and Ether will also start trading in Hong Kong from April 30.

Sydney-based BetaShares is actively working to launch a product on the ASX. While ASX has not confirmed a specific date, it is in discussions with issuers interested in introducing cryptocurrency-based ETFs.

Australia's $2.3 trillion superannuation market could be an important driver of these capital flows, especially with around a quarter of superannuation assets in self-managed superannuation schemes, where individuals have control over their investments.

The recent applications mark the second wave of Bitcoin ETF launches in Australia, following initial listings two years ago on CBOE Australia.