Hong Kong recently witnessed a significant milestone in the cryptocurrency industry with the launch of six new Bitcoin and Ethereum-based exchange-traded funds (ETFs). On their first day of trading on April 30, these ETFs garnered a trading volume of over HK$87.5 million (US$11.2 million), according to The Block.
Among these ETFs, the Bitcoin ETF offered by China Asset Management (ChinaAMC) stood out with US$121.7 million in assets under management (AUM) on its debut. The Ethereum ETF, on the other hand, recorded AUM of $20.4 million.
These six ETFs, managed by China Asset Management, Harvest Global, Bosera, and HashKey, marked the official entry of spot Bitcoin and Ethereum ETFs into the Hong Kong market. The Hong Kong Stock Exchange revealed that ChinaAMC Bitcoin ETF led the pack in terms of trading volume, reaching HK$37.16 million on its first day. The Ethereum ETF managed by ChinaAMC achieved a volume of HK$12.66 million.
While this development is significant for the cryptocurrency industry, it does not provide new investment opportunities for mainland China investors, as clarified by Jack Wang, a data analyst at Bloomberg. The close ties between the ETF issuers and mainland China do not bridge the gap for Chinese citizens, as a directive from the Chinese State Council, implemented in September 2021, prohibits financial institutions from engaging in cryptocurrency-related transactions.
It is important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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