Hong Kong’s Newly Launched Spot Bitcoin, Ethereum ETFs Show Potential Growth

Positive news for crypto community, astonishingly, Hong Kong set the take off of six new spot Bitcoin and Ether exchange-traded funds (ETFs) on Tuesday, in a launch that indicated combined trading volumes of around HK$49.4 million, equal to $6.3 million, during the early morning session.

On the other hand, China Asset Management’s Bitcoin fund, the ChinaAMC Bitcoin ETF, took the initiative, reaching HK$22.97 million in turnover by afternoon. The company’s Ethereum ETF walked closely behind, recording HK$10.47 million in trading volume.

In contrast to the freshly launched cryptocurrency ETFs in Hong Kong, the first day of trading for the eleven spot Bitcoin ETFs launched in the United States in January saw a combined volume of approximately $4.6 billion USD.

China Asset Management, somehow, indicated powerful investor interest during the initial offering time frame for its ETFs as subscriptions reached HK$1.1 billion (US$140.5 million), with the Bitcoin product pulling HK$950 million and the Ether ETF securing HK$160 million.

After Bitcoin halving the crypto market slowed down due to bankrupt Bitcoin miners offloading their assets, thus market correction commences as seen in every 4 years behavior.