OKLINK, an affiliate from the Hong Kong-based OKX, has revealed the possibility of launching new spot ETFs for top-tier cryptocurrencies like Solana. This announcement comes after the recent authorization of a spot ETF for Ethereum, which operates in the Proof of Stake (PoS) modality, indicating a growing interest in the region for innovative financial products in the cryptoactive sector.
The launch of the first three Bitcoin spot ETFs in Hong Kong on April 30 was a remarkable financial success, raising an impressive US$248 million, significantly exceeding the US$125 million raised by the first Bitcoin spot ETF in the United States, excluding Grayscale.
However, the market results following the launch suggest a more cautious reception than the initial boom would suggest. As of May 15, 2024, the total value under management of Hong Kong’s six crypto ETFs has exceeded HK$2 billion (approximately US$264 million). Of this total, Bitcoin ETFs managed by China Asset Management represent around 40%, totaling HK$816 million.
While modest compared to the gigantic spot Bitcoin ETF market in the US, which accumulates around US$51.4 billion, these numbers are significant for the local market in Hong Kong, considering the total of US$50 billion in its ETF market and the $8.5 trillion United States.
The prospect of expanding ETFs to other top-tier altcoins, such as Solana, indicates potential growth and diversification in the Hong Kong market. This move could not only expand the investment options available, but also reflects a growing recognition and acceptance of cryptocurrencies as viable financial assets in the region.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice:
Solana on the rise: SOL leads altcoin fund participation with US$5.9 million inflow
Solana Surpasses Ethereum in Daily Revenue After Explosive Rate Increase