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Place bitcoin ETFs (exchange-traded funds) launching in Hong Kong “will be lucky” to raise $500 million in the city’s “small” ETF market, said Bloomberg ETF analyst Eric Balchunas.
Balchunas rejected predictions that spot bitcoin ETF approvals would lead to a $25 billion injection into the crypto space, calling them “crazy” in an April 15 report. twitter.com/EricBalchunas/status/1779867078603718970″>mail in x.
He said btc ETFs are likely to launch next week.
<img decoding="async" alt="Hong Kong crypto industry gains momentum with China's state-affiliated banks | CoinMarketCap” src=”https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-ETFs-Will-Be-Lucky-to-Raise-500-Million-in.png”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-ETFs-Will-Be-Lucky-to-Raise-500-Million-in.png" alt="Hong Kong crypto industry gains momentum with China's state-affiliated banks | CoinMarketCap”/>
bitcoin ETF market in Hong Kong is “small” compared to the US
Balchunas says Hong Kong's ETF market is “small” compared to the United States, and that Chinese investors will not have access, at least legally, to them.
ETF issuers that received approval in Hong Kong are also dwarfed by “big-fish” asset managers like BlackRock, which currently has more than $9 trillion in assets under management, Balchunas said.
“US bitcoin spot ETFs have more assets than the entire Hong Kong ETF market,” the analyst said in a follow-up post on x.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”6.91875″>
Stat of the day: US spot bitcoin ETFs have more assets than the entire Hong Kong ETF market. https://t.co/sQ1VMUhKFI
– Eric Balchunas (@EricBalchunas) twitter.com/EricBalchunas/status/1779887591682097165?ref_src=twsrc%5Etfw”>April 15, 2024
US bitcoin Spot ETFs also charge “very cheap fees” that are much lower than the approximate 1-2% fees that Hong Kong-based funds are expected to implement, Balchunas added.
“Other countries adding btc ETFs is certainly additive, but it is a nickel and dime compared to the powerful US market,” he said.
BlackRock IBIT continues to lead the US market
Black Rock maintained its dominance in the US ETF market after its bitcoin Spot ETF (IBIT) was the only fund to record inflows during the last 2 days.
IBIT recorded net inflows of $73.4 million on April 15, while Grayscale bitcoin Trust (GBTC) recorded outflows of $110.1 million.
The 10 US spot bitcoin ETFs suffered net outflows on April 14 and 15 of $55.1 million and $36.7 million, respectively.
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