Hong Kong’s Bitcoin and Ethereum ETFs launch with lower than expected trading volumes

Hong Kong’s Bitcoin and Ethereum ETFs launch with lower than expected trading volumes
фото показано с : cryptoslate.com

2024-4-30 14:04

Hong Kong’s debut of Bitcoin and Ethereum exchange-traded funds (ETFs) commenced with modest trading volumes, tallying up to 87.58 million HKD, equivalent to $11.19 million, based on Hong Kong Stock Exchange data.

This trading volume falls significantly short of the issuers’ initial expectations, which anticipated volumes surpassing $100 million. Moreover, the trading volume pales compared to the US debut, where the 11-listed spot Bitcoin ETF products saw $4.6 billion in trading volume.

How they performed

The inaugural trading day showcased six newly introduced spot Bitcoin and Ethereum ETFs issued by China Asset Management, Harvest Global, Bosera, and HashKey.

According to HKEX data, China Asset Management’s “ChinaAMC Bitcoin ETF” led in trading volume, clocking HK$37.16 million in turnover during the initial trading session. Its Ether ETF also secured the highest volume among the Ethereum-based ETFs with a volume of HK$12.66 million.

Notably, Wu Blockchain reported that China Asset Management’s Initial Offering Period scale was HK$1.1 billion, valued at approximately $142 million for both products. The Bitcoin ETF pegged at HK$950 million, while the ETH ETF pegged at HK$160 million.

Other issuers like Harvest’s spot Bitcoin ETF recorded HK$17.89 million, while the Ether ETF garnered HK$4.95 million. Similarly, the Bosera HashKey Bitcoin ETF reported a volume of HK$12.44 million, and the ETH ETF stood at HK$2.48 million.

These ETFs had targeted international investors adhering to local compliance standards. By adopting this approach, the companies aimed to expand the investor base, augment liquidity, and bolster market stability. Consequently, these ETFs were accessible in various currencies, including Hong Kong dollars (HKD), US dollars, and China’s Renminbi (RMB).

Despite the subdued trading volume, stakeholders anticipate a significant market impact. Gabor Gurbacs, the founder of crypto-related firm PointsVille, said:

“The East-West Bitcoin ETF competition is heating up. Hong Kong wouldn’t launch Bitcoin ETFs without China’s approval. China is determined to put up competition on institutional Bitcoin capabilities. Full nation state adoption game theory in effect.”

The post Hong Kong’s Bitcoin and Ethereum ETFs launch with lower than expected trading volumes appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Hong Kong Dollar (HKD) на Currencies.ru

$ 555795.42 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $538904.16 - H: $557145.61
Капитализация $0 Rank 99999
Цена в час новости $ 482099.29 (15.29%)

kong hong trading volumes million bitcoin ethereum

Источник: cryptoslate.com

kong hong → Результатов: 126


Announcing Blocktober #24: Hong Kong’s month convening flagship Web3 events

Hong Kong, China, March 15th, 2024, Chainwire Web3 Harbour, a nonprofit industry association for the advancement of a decentralized internet and economy, and Invest Hong Kong (InvestHK), the government department responsible for foreign direct investments into Hong Kong, today announced Blocktober #24, a first of its kind strategic public-private collaboration that will bring three weeks of […] The post Announcing Blocktober #24: Hong Kong’s month convening flagship Web3 events appeared first on CoinJournal.

2024-3-16 09:47


Wombat Launching “Gamified Bribe Market” onboarding Animoca Games to DeFi

Hong Kong, Hong Kong, January 12th, 2024, Chainwire Addressing the major challenges of user onboarding and maintaining sustainable liquidity incentives in DeFi, alongside the difficulties of retaining users and offering stable incentives outside the gaming environment in GameFi, Wombat Exchange unveils its innovative experiment, “WomPets.

2024-1-12 06:16


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Hong Kong Makes History: Asia’s First Bitcoin And Ether ETFs Surge On Debut

Hong Kong rolled out the red carpet for cryptocurrency enthusiasts this week with the launch of Asia’s first spot Bitcoin and Ether Exchange Traded Funds (ETFs). The debut marks a significant step for the city, aiming to solidify its position as a global digital asset hub and attract a slice of the booming crypto market. […]