Recently approved Hong Kong Bitcoin Spot ETF began trading today, with relatively low volume on the first day. Last week, the Hong Kong Securities and Futures Commission (SFC) approved a total of six spot ETFs for Bitcoin and Ethereum.
NEW: đź‡đź‡° Hong Kong Spot Opening Ceremony #bitcoin ETF đź‘Ź pic.twitter.com/ux1eb5PqRn
— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024
The three Bitcoin ETFs launched today include the ChinaAMC Bitcoin ETF, Harvest Bitcoin ETF, and Vocera Hashkey Bitcoin ETF.
Despite the excitement at launch, the total trading volume for all Hong Kong Bitcoin ETFs on the first day of trading was modest at $8.5 million (HK$67 million).
Breaking down the trading volume of individual Bitcoin ETFs, ChinaAMC Bitcoin ETF had the highest trading volume of HK$37.16 million, Harvest Bitcoin ETF had the highest trading volume of HK$17.89 million, and Vocera HashKey Bitcoin ETF had the highest trading volume of HK$12.44 million. was recorded.
According to the data, the combined trading volume of Bitcoin and Ethereum ETFs on the day reached HK$87.58 million ($12 million). hong kong stock exchange.
Although the trading volume may seem small compared to the US Spot Bitcoin ETF, which recorded a staggering $4.6 billion in trading volume on its first day, industry experts remain uncertain about the prospects for these products in Hong Kong. Be optimistic.
Samson Mo, JAN3 Founder expressed his beliefs Despite the low volume on the first trading day, these ETFs are likely to pay off in the long run.
“Bitcoin ETFs in Hong Kong are going to be big. It may not be on Day 1 or Day 2, but the long-term impact is huge. There is nothing else Chinese investors can put their money into at the moment. there is nothing.”
The launch of a Bitcoin ETF in Hong Kong is expected to attract more institutional investors and make Bitcoin adoption mainstream in the region over time.
As the global Bitcoin landscape continues to evolve, Hong Kong’s move to adopt a Spot Bitcoin ETF could position the city as a key player in Bitcoin’s future in Asia.
