Key Points
- Hong Kong’s new Bitcoin and Ethereum ETFs have reached $12 million in trading volume.
- However, this figure is significantly lower than the first-day trading volume of U.S. Bitcoin ETFs.
Hong Kong recently launched exchange-traded funds (ETFs) for Bitcoin (BTC) and Ethereum (ETH), reaching a trading volume of $12 million.
This, however, is dwarfed by the $4.6 billion first-day trading volume of Bitcoin ETFs in the United States.
Trading Volumes and Performance
The combined trading volume of the six new crypto ETFs in Hong Kong was 87.58 million Hong Kong dollars ($12 million) at the end of the first day.
Information from the Hong Kong Stock Exchange (HKEX) revealed a lackluster performance and interest in the six Bitcoin and Ether ETFs managed by China Asset Management, Harvest Global, Bosera, and HashKey.
The Bosera HashKey Bitcoin ETF registered a first-day trading volume of HK$249,000, while its Ether ETF generated HK$99,000 in trading volume at the closing bell.
The China Asset Management (CAM) Bitcoin ETF performed better, with a trading volume of HK$4.6 million.
Investor Interest and Previous Reports
Previous reports indicated that CAM’s subscription size for its Bitcoin and Ethereum spot ETFs attracted $140 million during the initial offering period before trading commenced.
HKEX had also pointed out the investor interest in its cryptocurrency futures ETFS, launched in late 2022.
The three “VA Futures ETFs” drew $529 million in net inflows in the first quarter of 2024, contributing to the anticipation surrounding the launch of the spot BTC and ETH ETFs on April 30.
