First Mover Asia: Spot Bitcoin ETFs Are Launching in Australia but Elsewhere They Face Brutal Fund Outflows

Just a day after bitcoin soared past $40,500 on news of financial giant Fidelity’s decision to allow consumers to invest in bitcoin in their 401(k) retirement savings accounts, the largest cryptocurrency by market capitalization was trading just over $38,000, its lowest mark since early March. Ether, the second-largest crypto by market cap, was changing hands at about $2,820, off roughly 5.7%, following a day when it pushed past $3,000.