We have experienced the impact of the US SEC’s spot Bitcoin ETF approval on the market. Now, on the other side of the world, spot Bitcoin and Ethereum ETFs are appearing. It is a matter of curiosity how Hong Kong’s cryptocurrency ETFs will perform. Some experts expect the US to exceed its first day trading volumes, with its unique characteristics attracting global investors.
Will Hong Kong cryptocurrency ETFs surpass the US on their first day of trading?
Tomorrow is an important day for the cryptocurrency market. Because Hong Kong’s first cryptocurrency ETFs are making their debut. On the eve of this historic launch, China Asset Management (Hong Kong) held a detailed briefing discussing the expected market impact and distinctive features of these new investment products. The press conference by Zhu Haokang, head of digital asset management, and Wayne Huang, head of OSL ETF and custody business, noted the possibility of significant capital inflows that could exceed those generated by similar launches in the US. Cryptocurrency reporter WuBlockchain shared the development with the following statements:
The Hong Kong ETF issuer expressed confidence that the issuance scale of the HK cryptocurrency spot ETF on the first day of listing tomorrow will exceed the first day of the US ($125 million). Many investors in Singapore, the Middle East and other places are very interested in crypto subscriptions.
Expected market performance
Zhu is confident that the first-day trading volume of Hong Kong virtual asset spot ETFs will exceed the initial US$125 million of US spot Bitcoin ETFs launched in January. Huang also noted that the first day of fundraising indicates strong transaction volumes, above expectations. Such an optimistic attitude highlights the Hong Kong financial market’s growing interest and belief in facilitating innovative financial products such as cryptocurrency ETFs.
What makes Hong Kong’s cryptocurrency ETFs different?
Spot China Bitcoin ETF and Spot China Ethereum ETF, which will be launched soon, have some features not seen in other markets. Zhu Haokang pointed out that these ETFs are the only ETFs that provide spot and physical subscriptions and redemptions that are not offered in the United States. These are the only ETFs with counters in Hong Kong dollars, US dollars and RMB. Meanwhile, ChinaAMC’s competitors only offer investment in publicly traded stocks. However, ChinaAMC offers to offer both listed and unlisted shares. Thus, it provides investors with more options.
Interest in these ETFs has become evident among investors from different regions. Bitcoin miners and family offices in the Middle East and Asia are particularly interested. The physical subscription method has attracted the interest of a number of investors. This global appeal is likely due to ETFs being available during trading hours in Asia. This brings a new type of trading for investors. Especially for US investors looking to diversify their trading times and tactics.
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