As a seasoned crypto investor with a keen interest in global market trends, I find the recent launch of Bitcoin and Ethereum ETFs in Hong Kong intriguing but underwhelming compared to their counterparts in the United States.
It’s been challenging to keep up with the Bitcoin (BTC) exchange-traded fund (ETF) scene in the US, as new Bitcoin and Ethereum ETFs in Hong Kong have already amassed a significant trading volume of around $12 million.
Bitcoin and Ethereum exchange-traded funds (ETFs) have made their debut in Hong Kong markets. However, trading volumes indicate that the introduction of Bitcoin ETFs in the US has set a remarkably high standard for these new entrants to surpass.
On their first day of trading in Hong Kong, the six newly launched crypto ETFs collectively saw a trading volume of HKD 87.58 million ($12 million) at the market close. In contrast, U.S. Bitcoin ETFs recorded a remarkable trading volume of approximately $4.6 billion on their debut day.
The data released by the Hong Kong Stock Exchange revealed that the six Bitcoin and Ether ETFs overseen by China Asset Management, Harvest Global, Bosera, and HashKey showed a largely unchanged trend in terms of performance and investor attraction.
On its inaugural day of trading, the Bosera HashKey Bitcoin ETF generated a volume of HK$249,000, whereas the Bosera HashKey Ether ETF recorded a trading volume of HK$99,000 as the market closed.
The China Asset Management (CAM) Bitcoin ETF outperformed with a trading volume of HK$4.6 million. The ETF began trading at HK$8.080 and ended the day at HK$7.950. Similarly, CAM’s Ether ETF reported a trading volume of HK$4.6 million as the market closed.
As a researcher examining the data, I’d like to share that during the pre-trade phase for both its Bitcoin and Ethereum spot Exchange-Traded Funds (ETFs), Wu Blockchain disclosed an impressive subscription size of approximately $140 million for Creation Units (CAMs).
Previously, HKEX noted the strong investor demand for its cryptocurrency futures ETFs, introduced towards the end of 2022. In the initial quarter of 2024, these three “VA Futures ETFs” brought in a total of $529 million in investments, fueling excitement ahead of the launch of the physically-backed Bitcoin and Ethereum ETFs on April 30.
This is a developing story, and further information will be added as it becomes available.
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2024-04-30 12:41