Modest Debut for Hong Kong's Bitcoin and Ethereum ETFs, Lags Behind U.S. Counterparts
Summary:
Hong Kong's Bitcoin and Ethereum exchange-traded funds (ETFs) have seen relatively modest first-day trading volumes of $12 million, far below the $4.6 billion observed in the U.S. The six new crypto ETFs, managed by China Asset Management, Harvest Global, Bosera, and HashKey, have attracted varying levels of interest. The situation is developing, with further details to come as they emerge.
Hong Kong's recent introduction of Bitcoin and Ethereum exchange-traded funds (ETFs) has garnered relatively modest trading volumes, paling in comparison to their U.S. counterparts. Following the American Bitcoin ETFs, which demonstrated a striking first day trading volume valued at $4.6 billion, Hong Kong’s venture garnered a comparatively humble HKD 87.58 million ($12 million) at the end of its inaugural trading day.
Hong Kong Stock Exchange's data paints a somewhat stagnant picture of interest and performance, particularly for the six Bitcoin and Ether (ETH) ETFs, overseen by firms such as China Asset Management, Harvest Global, Bosera and HashKey.
The Bosera HashKey Bitcoin and Ether ETFs’ initial trading volumes were comparatively low, at HKD 249,000 and HKD 99,000 respectively. The China Asset Management (CAM) Bitcoin ETF fared somewhat better, seeing HKD 4.6 million in first-day trading volume after its opening at HKD 8.080 and closing at HKD 7.950. Furthermore, CAM's Ether ETF managed the same trading volume by closing time.
Prior to trading, it had been reported that CAM's Bitcoin and Ethereum spot ETFs attracted an initial offering size of $140 million. Encouragingly, cryptocurrency futures ETFs launched late in 2022 by the HKEX saw considerable interest, with its three "VA Futures ETFs" amassing $529 million in net inflows in Q1 2024. This buoyed excitement for the April 30 debut of the spot BTC and ETH ETFs.
As this story unfolds, more details will be provided as they become available.
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Published At
4/30/2024 12:33:55 PM
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