bitcoin spot exchange-traded funds (ETFs) have officially gone live in Hong Kong as its stock market opens.
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OFFICIAL: POINT twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETFS STARTS TRADING IN HONG KONG pic.twitter.com/yI8HsqRECf
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1785123356221583782?ref_src=twsrc%5Etfw”>April 30, 2024
The approval, eagerly awaited for months, signals a new era for the bitcoin industry in the region. Major asset managers have been preparing for this event, after the Hong Kong Securities and Futures Commission approved three bitcoin Spot ETF applications earlier this month. China Asset Management, Harvesting global investments, Bosera International and HashKeywere among the asset managers that gained regulatory approval to offer these ETFs.
Bloomberg ETF analysts Eric Balchunas and James Seyffart shared the ETF fees in an x post, saying they were lower than they initially predicted, noting it as a “good sign.”
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Hong Kong bitcoin/ether spot ETFs were officially approved to start trading on April 30. The rates are 30 bps, 60 bps and 99 bps, which is on average lower than we thought, a good sign. We'll do an analyst Q&A in one hour with the local Hong Kong team. Register here, bring your questions: https://t.co/GzzCZailx3 https://t.co/AvJ6dv2Xha
– Eric Balchunas (@EricBalchunas) twitter.com/EricBalchunas/status/1783102626562760865?ref_src=twsrc%5Etfw”>April 24, 2024
These ETFs are anticipated to attract substantial interest from both local and international investors, positioning Hong Kong as a prime destination for bitcoin investment opportunities.
Hong Kong Spot bitcoin ETF Issuer Reportedly x.com/WuBlockchain/status/1784961756185731120″>said WuBlockchain “The issuance scale of the Hong Kong bitcoin and ethereum spot ETFs, which will be launched tomorrow at UTC+8, is expected to reach $200 million to $300 million, surpassing the issuance scale on the first day of 125 million dollars in the United States.”
“China AMC is pretty confident that Hong Kong can overtake the US in bitcoin ETF flows and volume from day one. It also says other regions such as Singapore and the Middle East could pursue the ETFs, although they are confirmed as off-limits to mainland Chinese investors,” Balchunas x.com/EricBalchunas/status/1785074156138061990″>echoed in a similar statement. “Anything close to $125 million would be unrealistic on day one for Hong Kong – that's $21 billion in the United States!”
Singapore-based Matrixport and 10x Research's Markus Thielen forecast that Hong Kong bitcoin spot ETFs could generate up to $25 billion in new demand, underscoring the important role these financial instruments could play in legitimizing bitcoin as a mainstream asset class.
As ETFs go live in Hong Kong, the country also welcomes the bitcoin Asia Conferencewhich begins next week, as both the conference and ETF announcements are x.com/BitcoinMagazine/status/1779819478248771596″>now being marketed to residents in the country.
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Giant twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Asia Conference Announcement Seen in Hong Kong Days After bitcoin ETF's Timely Approval
Asia is coming
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1780611711675879613?ref_src=twsrc%5Etfw”>April 17, 2024
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