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Underwhelming Debut for Hong Kong's Bitcoin ETFs

Underwhelming Debut for Hong Kong's Bitcoin ETFs

Apr 30, 2024

Underwhelming Debut for Hong Kong's Bitcoin ETFs

Trading kicked off today for the recently approved Hong Kong Bitcoin spot ETFs. The long-awaited trading debut, however, saw lower than anticipated volumes, with the three Bitcoin ETFs that went live registering just $8.5 million (HK$67 million) in total trading volume on their opening day.

The recently approved ETFs by the Hong Kong Securities and Futures Commission (SFC) include the ChinaAMC Bitcoin ETF, Harvest Bitcoin ETF, and Bosera HashKey Bitcoin ETF. The ChinaAMC Bitcoin ETF led the pack with a trading volume of HK$37.16 million, while the Harvest and Bosera HashKey ETFs saw volumes of $17.89 million and HK$12.44 million, respectively.

Despite a modest start compared to the explosive $4.6 billion opening day of U.S. spot Bitcoin ETFs, the sentiment among industry experts is optimistic. Samson Mow, founder of JAN3, commented on the future potential of these ETFs in Hong Kong, stating, "Bitcoin ETFs in HK are going to be big. Maybe not on day 1 or 2, but the long term implications are massive. There is really nothing else for Chinese investors to put their money into at this time."

The introduction of these spot Bitcoin ETFs is expected to pave the way for increased institutional investment and accelerate the mainstream adoption of Bitcoin in the region. While the initial trading volume did not meet the high expectations set by local media reports, which anticipated over $100 million, there is a strong belief that the market will gain momentum over time.

Hong Kong's embrace of spot Bitcoin ETFs is seen as a strategic move that could establish the city as an influential hub in the Asian Bitcoin landscape. As global interest in Bitcoin continues to grow, Hong's Kong's latest development is a step towards integrating Bitcoin within traditional financial frameworks.

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