2 weeks ago
Hong Kong’s debut of Bitcoin and Ethereum exchange-traded funds (ETFs) commenced with humble trading volumes, tallying up to 87.58 cardinal HKD, equivalent to $11.19 million, based connected Hong Kong Stock Exchange data.
This trading measurement falls importantly abbreviated of the issuers’ archetypal expectations, which anticipated volumes surpassing $100 million. Moreover, the trading measurement pales compared to the US debut, wherever the 11-listed spot Bitcoin ETF products saw $4.6 cardinal successful trading volume.
How they performed
The inaugural trading time showcased six recently 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 successful trading volume, clocking HK$37.16 cardinal successful turnover during the archetypal trading session. Its Ether ETF besides secured the highest measurement among the Ethereum-based ETFs with a measurement of HK$12.66 million.
Notably, Wu Blockchain reported that China Asset Management’s Initial Offering Period standard was HK$1.1 billion, valued astatine astir $142 cardinal for some products. The Bitcoin ETF pegged astatine HK$950 million, portion the ETH ETF pegged astatine HK$160 million.
Other issuers similar Harvest’s spot Bitcoin ETF recorded HK$17.89 million, portion the Ether ETF garnered HK$4.95 million. Similarly, the Bosera HashKey Bitcoin ETF reported a measurement of HK$12.44 million, and the ETH ETF stood astatine HK$2.48 million.
These ETFs had targeted planetary investors adhering to section compliance standards. By adopting this approach, the companies aimed to grow the capitalist base, augment liquidity, and bolster marketplace stability. Consequently, these ETFs were accessible successful assorted currencies, including Hong Kong dollars (HKD), US dollars, and China’s Renminbi (RMB).
Despite the subdued trading volume, stakeholders expect a important marketplace impact. Gabor Gurbacs, the laminitis of crypto-related steadfast PointsVille, said:
“The East-West Bitcoin ETF contention is heating up. Hong Kong wouldn’t motorboat Bitcoin ETFs without China’s approval. China is determined to enactment up contention connected organization Bitcoin capabilities. Full federation authorities adoption crippled mentation successful effect.”
The station Hong Kong’s Bitcoin and Ethereum ETFs motorboat with little than expected trading volumes appeared archetypal connected CryptoSlate.
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