As an analyst with a background in financial markets and experience in following the cryptocurrency space, I find the recent success of Bitcoin and Ether exchange-traded funds (ETFs) in Hong Kong to be an intriguing development. While the total assets under management ($200 million) are relatively small compared to their U.S. counterparts, this debut represents a significant milestone for the region and its investors.
As a researcher studying the financial markets, I’ve noticed an intriguing development regarding Bitcoin and Ether exchange-traded funds (ETFs) in Hong Kong. On their debut day, April 30, these innovative investment vehicles drew in over $200 million in assets.
Based on the information from Arkham Intelligence, I’ve discovered that the Bosera HashKey Bitcoin and Ether Exchange-Traded Funds (ETFs) hold approximately 964 Bitcoins (BTC) and 4,290 Ethereum (ETH), amounting to a total of $71.94 million in assets under management. In contrast, Eric Balchunas, senior ETF analyst at Bloomberg, disclosed that the ChinaAMC-created spot Bitcoin and Ether ETFs have accumulated an impressive combined sum of $123.61 million in assets.
Currently, the Hong Kong Stock Exchange hasn’t provided recent asset management information for Harvest Global’s Bitcoin and Ether spot ETFs regarding their holdings. Nevertheless, the trading volume for these two ETFs has surpassed $23 million.
The assets sought have relatively little worth when juxtapposed to those in the United States, where Bitcoin spot ETFs amassed almost $4 billion in assets under management within their initial week of launch and recorded a trading volume of approximately $4.5 billion on January 12 – the very first day of trading on the US stock market.
As a crypto investor, I can’t help but reflect on my earlier warning to keep the hype in check regarding Hong Kong (HK) developments. However, it’s important to acknowledge that recent events have proven significant. For instance, ChinaAMC’s Bitcoin ETF managed to raise an impressive $123 million during its first day of trading, positioning it as the sixth most successful ETF launched in HK within the last three years and among the top 20% overall.
During the same period, HashKey stated that “notably, individuals who aren’t Hong Kong citizens can still invest in or acquire ETF units if they fulfill local regulations, such as undergoing customer verification.” Furthermore, a distinctive feature of Hong Kong crypto ETFs is that investors are able to purchase ETF units using Bitcoin (BTC) and Ethereum (ETH), and can also exchange these cryptocurrencies for ETF units and vice versa. However, this functionality is not provided by their U.S. counterparts.
Based on a survey carried out by the Hong Kong-overseen cryptocurrency exchange OSL on April 28, around 77% of crypto-literate individuals in the city are intending to put money into the newly launched Bitcoin and Ether Exchange-Traded Funds (ETFs). The upbeat investor attitude signifies the increasing recognition and significance of digital assets within the local economy, reaffirming Hong Kong’s role as a leading digital asset hub. OSL’s executive director and head of regulatory affairs, Gary Tiu, made this observation.
As a researcher examining Hong Kong’s crypto Exchange-Traded Funds (ETFs), I’ve noticed that despite the excitement surrounding these innovative financial instruments, they remain exclusive to Hong Kong’s adult population of approximately 6.4 million. Regrettably, mainland Chinese investors, numbering over a billion, are presently unable to invest in these crypto ETFs unless they hold a Hong Kong residence permit.
Read More
- Top gainers and losers
- DOP PREDICTION. DOP cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- MOCHI PREDICTION. MOCHI cryptocurrency
- SILLY PREDICTION. SILLY cryptocurrency
- STOG PREDICTION. STOG cryptocurrency
- WRLD PREDICTION. WRLD cryptocurrency
- WOJAK PREDICTION. WOJAK cryptocurrency
2024-04-30 20:37