Hong Kong’s New Spot Bitcoin and Ether ETFs See $11.2 Million in Trading Volume on Debut Day
Hong Kong’s entry into the spot Bitcoin and Ether exchange-traded funds (ETFs) market saw six newly introduced ETFs record a trading volume of HK$87.5 million ($11.2 million) on their first day of trading.
The figure falls extremely short of the $4.6 billion achieved by the 11 spot Bitcoin ETFs in the United States. These new Hong Kong Bitcoin ETFs are managed by China Asset Management, Harvest Global, Bosera, and HashKey.
The launch of Hong Kong Bitcoin ETFs follows the rising investor interest in virtual asset ETFs since the introduction of VA Futures ETFs in late 2022. With an average daily turnover for VA Futures ETFs surging to $51.3 million in Q1 2024, these ETFs attracted $529 million in net inflows.
Despite the anticipation surrounding their launch, the trading volumes for these ETFs were relatively low compared to their counterparts in the US. According to HKEX data , the China Asset Management (ChinaAMC) Bitcoin ETF had the biggest trading volume, securing HK$37.16 million on the first day. Its Ether ETF trailed behind with HK$12.66 million in volume.
Other ETFs, such as the Bosera HashKey Bitcoin ETF and the Bosera HashKey Ether ETF, saw lower trading volumes, highlighting a subdued market response to the new offerings.
Commenting on the trading volumes, Justin d’Anethan, head of APAC business development at Keyrock, acknowledged the lower figures compared to the US launch but emphasized the positive aspect of decent buy-in, considering Hong Kong’s market dynamics.
“While it’s easy to have overblown expectations — bound to fall short — I actually think the spot ETFs in HK are a success, 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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