The launch of six new spot bitcoin and ether exchange-traded funds (ETFs) in Hong Kong has made a significant impact, with a trading volume of over HK$87.5 million ($11.2 million) on the first day. This figure is in stark contrast to the $4.6 billion first-day volume recorded by eleven U.S.-based spot bitcoin ETFs in January.
China Asset Management (ChinaAMC) reported that their spot bitcoin ETF had $121.7 million in assets under management (AUM) at the end of the first trading day, while their spot ether ETF had $20.4 million in AUM. The ETFs are managed by China Asset Management, Harvest Global, Bosera, and HashKey.
The trading volume for the day was HK$37.16 million, with the ChinaAMC Bitcoin ETF leading the pack with a gain of 1.53%. The spot ether ETF had a trading volume of HK$12.66 million.
Harvest’s spot bitcoin ETF had a volume of $17.89 million, and its ether ETF had $4.95 million on the first day of trading, while Bosera HashKey’s Bitcoin ETF had a volume of $12.44 million, and its ether ETF had $2.48 million.
It is worth noting that spot ether ETFs in Hong Kong do not currently offer staking incentives, resulting in a loss of almost 4% APR. Fund issuers will need to engage in further discussions with regulators before implementing a staking rewards scheme due to potential risks involved.
Overall, the launch of these new ETFs in Hong Kong has generated significant interest and trading activity, signaling a growing appetite for cryptocurrency investment opportunities in the region.
