A total of $1.3 million in volume has been recorded thus far on the first difficult day for Aussie cryptocurrency ETFs.

On a difficult day for the cryptocurrency markets, three crypto-focused exchange-traded funds (ETFs) began trading on local exchange Cboe Australia today.

The trio’s debut was the first time that crypto ETFs have been available in Australia, with two of them focused on providing Bitcoin (BTC) exposure, and the other Ether (ETH) exposure.

So far, the three ETFs have earned more than $1.3 million combined, and it is anticipated that they will attract around $1 billion in new investments over time.

The Cosmos Purpose Bitcoin Access ETF (CBTC) from Sydney-based crypto investment firm Cosmos Asset Management is a relatively indirect approach to BTC, as it “approximately tracks the performance of the USD denominated ETF non-currency hedged units (Purpose ETF Units) in the Purpose Bitcoin ETF.”

The remaining two ETFs were developed by ETF Securities in collaboration with 21 Shares, a major Switzerland-based exchange-traded products (ETP) provider. The Bitcoin ETF (EBTC) and Ethereum ETF (EETH) are the names of the funds. They both track the Australian dollar’s value of their underlying assets (AUD).

According to Cboe data, 21 EBT and EETH shares have been traded hands so far, with volume of around $519,874 and $416,663, respectively.

The start of Cosmos Asset Management’s fund has been slow, with only 51,572 shares changing hands for a total of $398,135. Activity may pick up soon, as the firm has offered CBTC fees for two months to attract institutional interest.

While the recent cryptocurrency market turmoil has made it difficult to launch now, Kanish Chugh, head of distribution at ETF Securities and a member of Cointelegraph’s panel on cryptocurrencies and blockchain, believes that it provides investors with a good opportunity to get their feet wet: “It was an incredibly challenging time to release during this tumultuous crypto market.

“Given how volatile markets are now in the short term, it will be hard to determine how Bitcoin and Ether will perform. What we are seeing, though, is with Bitcoin coming off more than 50% from its 2021 high, investors are considering the current volatility as providing them with an opportunity to invest.”

“Our crypto ETFs are physically backed and track the underlying price of Bitcoin and Ether, and we have a lot of faith in EBTC and EETH in the long run,” he continued.

In a press release, ETF Securities’ Graham Tuckwell stressed the importance of launching BTC and ETH ETFs in a local environment, given their prominence.

“The market capitalisation and trading volumes for these two major cryptocurrencies are now larger than any company listed on the Australian stock exchanges, yet investors have not been able to access them in a regulated manner.”

Despite the fact that the landmark event had occurred, not everyone was as enthusiastic. Kraken’s managing director for Australia Jonathan Miller termed this “important milestone in the evolution of the digital assets industry,” while also stating that investors could already purchase Bitcoin.

“However, it isn’t necessarily a watershed moment for accessibility. We must remember that individual investors can already buy Bitcoin directly and each layer of abstraction away from the underlying asset can add risk and cost.”

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