Hong Kong Bitcoin and Ether ETFs Struggle on Debut

The introduction of Bitcoin exchange-traded funds (ETFs) in the United States proved to be a tough act to follow as Hong Kong’s new Bitcoin and Ethereum ETFs only reached $12 million in trading volume. While Bitcoin and Ethereum ETFs finally made their debut in Hong Kong markets, the trading volumes suggest that the US Bitcoin ETFs set a remarkably high standard. On the first day of trading in Hong Kong, the total trading volume for the six new crypto ETFs was 87.58 million Hong Kong dollars ($12 million). This figure is significantly lower compared to the first-day trading volume of US Bitcoin ETFs, which amounted to $4.6 billion.

Data from the Hong Kong Stock Exchange (HKEX) showed that the performance and interest in the six Bitcoin and Ether ETFs managed by China Asset Management, Harvest Global, Bosera, and HashKey were relatively flat. Among the ETFs, the Bosera HashKey Bitcoin ETF achieved HK$249,000 in first-day trading volume, while the Bosera HashKey Ether ETF generated HK$99,000 in trading volume by the closing bell. The China Asset Management Bitcoin ETF fared better, with HK$4.6 million in trading volume. The trading opened at HK$8.080 and closed at HK$7.950. The Cam Ether ETF recorded HK$4.6 million in trading volume at the end of the day. The subscription size for CAM’s Bitcoin and Ethereum spot ETFs reportedly attracted $140 million before trading began.

The Hong Kong Stock Exchange had previously experienced investor interest in its cryptocurrency futures ETFs, launched in late 2022. These three “VA Futures ETFs” received $529 million in net inflows in the first quarter of 2024, which contributed to the excitement surrounding the launch of spot BTC and ETH ETFs on April 30th.

8 thoughts on “Hong Kong Bitcoin and Ether ETFs Struggle on Debut

  1. Don’t be discouraged by the initial trading volume, Hong Kong! Let’s keep our eyes on the long-term potential of these crypto ETFs. ๐Ÿš€๐Ÿ”ฎ

  2. Only $12 million in trading volume for the Hong Kong crypto ETFs on the first day? That’s disappointing.

  3. The first day of trading might not have been stellar, but we shouldn’t underestimate the potential impact of these crypto ETFs in Hong Kong. ๐Ÿš€๐ŸŒŸ

  4. I had high hopes for the Hong Kong Bitcoin and Ethereum ETFs, but these low trading volumes are a huge letdown.

  5. It seems like the US Bitcoin ETFs really set the bar high for other countries to follow. ๐Ÿš€๐Ÿ“ˆ

  6. It’s clear that the Hong Kong ETFs couldn’t replicate the success of the US ones. What a letdown.

  7. It’s fascinating to see the differences in trading volumes between the US and Hong Kong. Each market has its own unique dynamics!

  8. I’m confident that as awareness and understanding of Bitcoin and Ethereum ETFs grow in Hong Kong, the trading volume will increase.

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