in hong kong Bitcoin (BTC) And Ethereum (ETH) The highly anticipated debut of exchange-traded funds (ETFs) did not live up to expectations as trading volume for newly listed ETFs remained below $12 million.
Hong Kong, Bitcoin and Ether ETFs Have a Lackluster Release
Despite significant expectations surrounding the launch, the six listed crypto ETFs collectively generated only $11 million in trading volume.
Bitcoin ETFs contributed $8.5 million to this figure, while Ethereum ETFs accounted for only $2.5 million. Reports from local media indicate that issuers are expecting initial volume in excess of $100 million.
Unlike the United States, where regulators have expressed concerns about Ethereum potentially being classified as a security, the Hong Kong market allows trading of Ethereum ETFs without similar concerns.
This regulatory stance has led to the launch of Ethereum ETFs in the region.
In contrast, the Securities and Exchange Commission (SEC) in the US has not definitively clarified its stance on Ether and has delayed the listing of Ethereum ETFs in the country.
Meanwhile, Ethereum ETFs have seen success in other international markets, such as Canada, where they are listed on the Toronto Stock Exchange through issuers such as Evolve and Purpose Investments.
In contrast to the sluggish outflow of Hong Kong’s crypto ETFs, the first day of trading in the US saw significant activity, with total trading volume reaching $655 million.
*This is not investment advice.
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