Crypto Futures ETFs Raise More Than $73 Million Ahead of Hong Kong Launch

Hong Kong’s archetypal crypto-based exchange-traded funds (ETFs) person attracted implicit $73 cardinal up of their debut connected the region’s banal exchange. The motorboat of the 2 ETFs tracking cryptocurrency futures listed successful the United States comes contempt the industry’s existent troubles.

Hong Kong Debuts Bitcoin and Ether Futures ETFs Amid Crypto Winter

Two ETFs tracking crypto futures raised a full of $73.6 cardinal up of their debut connected the banal speech successful Hong Kong connected Friday, with the larger 1 raising $53.9 million, according to Reuters. The quality bureau noted that the motorboat is successful defiance of the ongoing turmoil successful the sector.

The funds, offered by CSOP Asset Management, put successful bitcoin (BTC) and ether (ETH) futures listed connected the CME speech successful the U.S., the lone crypto assets allowed by Hong Kong’s Securities and Futures Commission (SFC) astatine the moment. Commenting connected the improvement Yi Wang, caput of quantitative concern astatine CSOP, stated:

Coming aft the caller liquidity problems affecting immoderate of the crypto platforms, our 2 crypto futures ETFs show that Hong Kong remains open-minded connected the improvement of virtual assets.

This year’s crypto marketplace downturn led to a important driblet successful the prices of large cryptocurrencies with the largest coin by capitalization, BTC, losing much than 70% of its worth since its all-time precocious registered a small implicit a twelvemonth ago.

The descent successful the rates was accompanied by a drawstring of failures successful the industry, the latest of which was the illness of FTX, a starring crypto speech with planetary reach, which declared bankruptcy successful mid-November amid liquidity issues.

Weeks earlier its crash, the SFC announced successful October its intentions to motorboat a consultation connected whether to let retail investors to commercialized cryptocurrencies and ETFs. The watchdog’s archetypal connection was to bounds information to nonrecreational investors only.

Then, successful November, the Commission’s Deputy CEO Julia Leung was quoted arsenic saying that the SFC is “actively looking” to found a regulatory model that would let the trading of crypto futures exchange-traded funds.

“As the ETFs bash not put successful carnal bitcoin, and are traded connected regulated U.S. and Hong Kong exchanges, determination are much regulatory safeguards for investors compared to tokens traded connected unregulated platforms,” Yi Wang elaborated now.

What bash you deliberation astir Hong Kong’s debut of crypto futures ETFs successful the existent market? Tell america successful the comments conception below.

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