Hong Kong’s six new spot bitcoin and ether ETFs recorded about HK$87.5 million ($11.2 million) in trading volume on their first trading day.
Hong Kong’s six new spot bitcoin and ether exchange-traded funds recorded over HK$87.5 million in trading volume on their first trading day on Tuesday — a figure that pales in comparison to the $4.6 billion first-day volume for the 11 spot bitcoin ETFs in the United States in January.
Six spot bitcoin and ether ETFs — managed by China Asset Management, Harvest Global, Bosera, and HashKey — officially debuted in Hong Kong today. Harvest saw HK$17.89 million in its spot bitcoin ETF’s volume and HK$4.95 million in its ether ETF, while Bosera HashKey Bitcoin ETF recorded HK$12.44 million and its ether ETF saw HK$2.48 million in volume on the first day of trading, HKEX data showed.
“While it’s easy to have overblown expectations — bound to fall short — I actually think the spot ETFs in HK are a success,” Justin d'Anethan, head of APAC business development of crypto market maker Keyrock, told The Block — adding that while the volume is “no near comparable to the launch of spot BTC ETFs in the US, but it’s happening in a very different market dynamic.”
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