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Hong Kong Bitcoin and Ether ETFs Have Soft Debut
The volume of crypto exchange-traded funds came in at just over $11 million.
Updated Apr 30, 2024, 6:33 p.m. Published Apr 30, 2024, 8:50 a.m.
- Hong Kong’s crypto ETFs had a soft debut, with trading volume much lower than expected.
- The total trading volume for bitcoin ETFs was $8.5 million, while ether ETFs saw $2.5 million.
Hong Kong’s bitcoin and ether ETFs failed to lift off on their trading debut in Hong Kong, coming dramatically under initial expectations.
The six listed crypto ETFs pushed $11 million in volume, with bitcoin ETFs posting $8.5 million in volume and ether ETFs coming in at $2.5 million. Issuers expected the initial volume to be over $100 million, according to local media reports.
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Ether ETFs are allowed in Hong Kong’s market, as regulators in the Chinese territory don’t have the same concerns about ether being a security as their counterparts in the U.S.
A U.S. ether ETF won’t be listed for quite some time as the Securities and Exchange Commission (SEC) won’t clearly say if they consider ether to be a security.
Ether ETFs are also listed on the Toronto Stock Exchange via issuers such as Evolve and Purpose Investments.
On the first day in the U.S., total trading volume hit $655 million. Bitcoin was down over 1%, trading near $62,100, according to CoinDesk Indices data.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
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- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
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