The recently approved Hong Kong Bitcoin spot ETFs began trading today, but saw relatively low volume on their first day. The Hong Kong Securities and Futures Commission (SFC) approved 6 total spot Bitcoin and Ethereum ETFs last week.
NEW:
— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024Opening ceremony of Hong Kong spot #Bitcoin ETFs
pic.twitter.com/ux1eb5PqRn
The three Bitcoin ETFs that went live today include the ChinaAMC Bitcoin ETF, Harvest Bitcoin ETF, and Bosera HashKey Bitcoin ETF.
Despite the excitement surrounding the launch, the total trading volume for all Hong Kong Bitcoin ETFs stood at a modest $8.5 million (HK$67 million) for the first trading day.
Breaking down the individual Bitcoin ETF trading volumes, the ChinaAMC Bitcoin ETF recorded highest volume of HK$37.16 million, the Harvest Bitcoin ETF saw $17.89 million, and the Bosera HashKey Bitcoin ETF witnessed HK$12.44 million in trading.
The combined Bitcoin and Ethereum ETF trading volume for the day amounted to HK$87.58 million dollars ($12 million), as per data on Hong Kong Stock Exchange.
While the trading volumes may seem low compared to the U.S. spot Bitcoin ETFs, which saw a staggering $4.6 billion in trading volumes on their first day, industry experts remain optimistic about the prospects of these products in Hong Kong.
Samson Mow, founder of JAN3 expressed his belief that these ETFs will bear fruit in the long run, despite the initial low volume trading day:
"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 launch of Bitcoin ETFs in Hong Kong is expected to attract more institutional investors and mainstream adoption of Bitcoin in the region over time.
As the global Bitcoin landscape continues to evolve, Hong Kong's move to embrace spot Bitcoin ETFs could position the city as a key player in the future of Bitcoin in Asia.
Source: Bitcoin Magazine - Bitcoin News, Articles and Expert Insights
#BitcoinETF, #News, #HongKong, #Business, #HongKongStockExchange