Monochrome Asset Management is set to launch Australia's first spot Bitcoin ETF, IBTC, with a management fee of 0.98%.

The ETF, regulated by ASIC, has Gemini as its custodian and offers investors legal rights to their Bitcoin and the ability to request withdrawals.

Bitcoin's price recently hit a 24-hour high of $70,188 and is currently priced at $69,211, with strong support between $66,900 and $68,900.

Market expert Lark Davis predicts Ethereum will outperform Bitcoin, potentially reaching $15k, while altcoins KangaMoon and Floki are also expected to see significant price surges.

The anticipated launch of spot Ethereum ETFs may lead to a supply crunch for ETH, driven by ETF issuers buying and holding large amounts of ETH.

Staking trends and institutional adoption of ETH are expected to contribute to the supply crunch, potentially sparking an 'altcoin season' and increasing demand for other cryptocurrencies.

BlackRock's IBIT and Fidelity's FBTC have gained substantial inflows, reinforcing their status as leading Bitcoin ETF issuers.

Crypto investors are shifting focus from meme coins like Pepe (PEPE) and Dogwifhat (WIF) to DeFi powerhouse ETFSwap (ETFS) due to its strong fundamentals and long-term gain potential.