On the first day of trading on Tuesday, six newly launched Spot Bitcoin and Ethernet exchange-traded funds in Hong Kong posted a trading volume of more than HK$87.5 million ($11.2 million).
Six spot Ethereum and Bitcoin ETFs debuted in Hong Kong on Tuesday. The China Asset Management (ChinaAMC) Spot Bitcoin ETF had assets under management (AUM) of $121.7 million, and the Spot Ether ETF had $20.4 million.
The tremendous response the Bitcoin Spot ETF received in the U.S. in January, with trading volume of $4.6 billion on its first day of approval, was nothing compared to the launch of crypto-related ETFs.
Nevertheless, this debut pales in comparison to the launch of the US Spot Bitcoin ETF, which attracted much higher trading volumes. When the Bitcoin ETF debuted for U.S. investors in January, it generated about $4.6 billion worth of trades, which is 383 times the Hong Kong ETF's reported trading volume of about $12 million. .
After launching in the U.S., the Bitcoin Spot ETF was met with a lukewarm response from Hong Kong market participants when it made its debut in Asia three months later.
Although cryptocurrencies are illegal in mainland China, Hong Kong is the region's crypto hub and a safe haven for investors in exchange-traded products.
The Ethereum Spot ETF is not available in the U.S. as the U.S. Securities and Exchange Commission (SEC) is considering its application for introduction, but it can be traded in the Hong Kong market.
Most observers believe immediate approval is unlikely as the SEC is taking a more cautious approach after approving a Bitcoin ETF.in Tweet Eric Balchunas, senior ETF analyst at Bloomberg, explained on X the specific flow of the ETF's debut in Hong Kong.
Also read: Analyst predicts Hong Kong crypto ETF assets to reach $1 billion
