CoinShares Expects Modest Inflows Into Thailand Crypto ETFs
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Written by: Helen Partz, staff writer Edited by: Yohan Yun, staff editor
Thailand crypto ETFs may see slow start despite new rules: CoinShares
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Published: Oct 15, 2026
Thailand’s new Bitcoin (BTC) and Ether (ETH) ETF rules take effect on Friday, but CoinShares predicts only modest initial inflows as existing investment options compete for demand. Despite Bangkok’s efforts to expand regulated digital asset investments, Thailand’s first crypto ETFs might have a slow start.
James Butterfill, head of research at digital asset investment firm CoinShares, explains:
"I would expect modest inflows initially, with tens of millions of US dollars across the first products a more realistic starting expectation than billions."
The rules, taking effect on Friday, will allow Thai retail investors access to locally listed crypto ETFs, while restricting overseas investments to institutional and ultra-high-net-worth investors.
A Cautionary Tale: Hong Kong
Butterfill uses Hong Kong as a case study, highlighting that even a major financial hub struggles to attract substantial crypto ETF inflows. Hong Kong accounts for only 0.42% of global crypto exchange-traded product (ETP) assets, despite its status as an international financial center.
Global Crypto ETP Assets (as of Sept. 25, 2026):
- $172.9 billion total
- $733 million in Hong Kong
Competition from Existing Options
Butterfill suggests that existing investment options, such as the MFC Bitcoin ETF Tracker Fund (MBTCETF-UI) and other potential ETF issuers like ONE Asset Management, may limit demand for new Thai ETFs. Some investors already gain Bitcoin exposure through foreign funds or direct crypto trading.
"Local ETFs therefore need to attract new investors or offer a compelling reason to switch," Butterfill emphasized.
Future Uncertainty
Butterfill declined to confirm the launch plans of either MFC or ONE Asset Management for locally listed crypto ETFs, stating that he hadn't received confirmation at the time of publication.