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In an impressive debut, Hong Kong's new Bitcoin and Ether ETFs attracted over $200 million in investments on their first trading day, April 30. This significant influx underscores the region's growing influence in the cryptocurrency market despite the funds being accessible only to Hong Kong’s adult population. Market analysts view this launch as a notable achievement, considering the relatively lower assets managed than U.S. counterparts.
Hong Kong's New Crypto ETFs Draw $200M Amid Global Attention, Surpassing Local Expectations
In a recent report by Cointelegraph, the highly anticipated debut of Hong Kong's Bitcoin and Ether exchange-traded funds (ETFs) took place on April 30, marking a significant milestone in the cryptocurrency world with more than $200 million in total assets.
According to Arkham Intelligence data, the Bosera HashKey spot and Ether ETFs have 964 Bitcoin and 4,290 Ether, for $71.94 million in assets under management. Meanwhile, Bloomberg's senior ETF analyst, Eric Balchunas, stated that ChinaAMC's spot Bitcoin and Ether ETFs have a total asset value of $123.61 million.
At publication, the Hong Kong Stock Exchange still needed to update the asset management data for Harvest Global's spot Bitcoin and Ether ETFs, the third ETF issuer. However, the combined turnover of these two ETFs has reached $23 million.
The amount of the assets solicited pales compared to their US counterparts, where spot Bitcoin ETFs garnered roughly $4 billion under management during their first week of trading and $4.5 billion in activity on January 12, the first day of trading on Wall Street.
"We tried to warn everyone to lower expectations re[garding] HK," commented Balchunas.
"That said, if you localize numbers, this was BIG: e.g., ChinaAMC bitcoin ETF took in $123m on Day One, which already ranks it 6th of 82 ETFs launched in past 3yrs in HK and Top 20% overall," he added.
Meanwhile, HashKey wrote, "Importantly, non-Hong Kong nationals can also subscribe for or purchase units in the ETFs if they meet local regulatory requirements, such as passing customer due diligence."Furthermore, Hong Kong crypto ETFs allow investors to subscribe for ETF units directly using BTC and ETH, which their US counterparts do not.
Overwhelming Local Interest in Hong Kong's Crypto ETFs Highlights Market Potential, Restrictions for Mainland Investors
According to a study conducted on April 28 by Hong Kong-regulated crypto exchange OSL, 76.9% of crypto-savvy respondents in the city are considering investing in the innovative spot Bitcoin and Ether ETFs. This positive investor sentiment is a strong indicator of the growing acceptance and importance of digital assets in the region's economy. Hong Kong is once again asserting its position as the digital asset hub.
Despite the euphoria, Hong Kong's cryptocurrency ETFs are only available to the city's estimated 6.4 million adult inhabitants. Mainland Chinese investors, who number more than a billion, are now restricted from accessing the innovative ETFs unless they have a Hong Kong residence status.
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