Six new Bitcoin and Ethereum spot exchange-traded funds (ETFs) debuted in Hong Kong this Tuesday (30). However, the debut fell short of expectations.
This is because the new ETFs recorded a trading volume of HK$87.5 million on their first day of trading. That is, around US$11.2 million. This number is significantly lower than the first day trading volume of the 11 US Bitcoin spot ETFs in January, which reached $4.6 billion.
China Asset Management (ChinaAMC) reported that its Bitcoin spot ETF secured $121.7 million in assets under management (AUM) by the end of the first day of trading. Meanwhile, its ETH spot ETF had $20.4 million in AUM.
Bitcoin and Ether ETFs debut in Hong Kong
The six Bitcoin and Ether spot ETFs, managed by China Asset Management, Harvest Global, Bosera and HashKey, have officially debuted in Hong Kong.
ChinaAMC Bitcoin ETF led trading volume, recording HK$37.16 million on the day, according to data from the Hong Kong Stock Exchange. The ETF appreciated 1.53% at the close. Its spot Ether ETF had a volume of HK$12.66 million.
Harvest recorded HK$17.89 million in volume from its Bitcoin spot ETF and HK$4.95 million from its Ether ETF. Meanwhile, Bosera HashKey’s Bitcoin ETF recorded HK$12.44 million and its Ether ETF had a volume of HK$2.48 million on the first day of trading, as per data from HKEX.
As mentioned, when the 11 U.S. Bitcoin spot ETFs began trading in January, their first day volume reached about $4.6 billion.
“While it’s easy to have exaggerated expectations — prone to falling short — I really think HK spot ETFs are a success,” said Justin d’Anethan, head of APAC business development at cryptocurrency market maker Keyrock.
He added that while the volume is “not even close to comparable to the launch of BTC spot ETFs in the US, it is happening in very different market dynamics.”
“The fact that Hong Kong, which does not offer access to investors from mainland China (worth remembering), is getting good adoption is positive,” said d’Anethan.
Source: https://www.criptofacil.com/etfs-de-bitcoin-e-ethereum-de-hong-kong-registram-us-11-milhoes-em-volume-na-estreia/
