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Hong Kong’s Ethereum and Bitcoin ETFs (exchange-traded funds) recorded trading volume of more than HK$49. 4 million ($6. 3 million) in the morning consultation of their April 30 debut on Hong Kong Exchanges and Clearing Ltd.
China Asset Management’s ChinaAMC Bitcoin ETF recorded the highest trading volume after recording HK$22. 97 million in activity in the early part of the trading day, according to data from HKEX.
The asset manager’s Ether ETF is the second most active fund and traded HK$10. 47 million in volumes.
Six Ethereum and BTC spot ETFs are traded, controlled through China Asset Management, Harvest Global, Bosera and HashKey.
Harvest’s Bitcoin fund, the Harvest Bitcoin Spot ETF (3439. HK), recorded HK$8. 11 million activity on the first day. Meanwhile, the company’s Ethereum ETF, the Harvest Ether Spot ETF (3179. HK), recorded a volume of HK$2. 18. million.
The Bosera and HashKey BTC ETF recorded a volume of HK$3. 59 million in the morning hours, while trading activity on its Ethereum ETF reached HK$1. 53 million.
Accredited investors outside Hong Kong can also buy the funds, investors in China still can’t buy products.
Eric Balchunas, an ETF analyst at Bloomberg, notes that Hong Kong will offer the first popularity of Ethereum ETFs over BTC ETFs.
He estimates that ETH ETFs will capture 10% or less of Bitcoin flows, while he says that his colleague James Seyffart is more positive about the prospects of Ethereum ETFs.
– Eric Balchunas (@EricBalchunas) April 29, 2024
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Steven is a passionate innovator in the fields of cryptocurrencies and blockchain technology. It ranked among the top five in the world in robotics and began its exploration of those emerging technologies in 2014. After briefly reading computer science at the University of Texas at Arlington, he went on to actively contribute to the cryptocurrency space.
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