The newly approved Hong Kong bitcoin spot ETFs began trading today, but saw relatively low volume on its first day. The Hong Kong Securities and Futures Commission (SFC) last week approved a total of 6 bitcoin and ethereum spot ETFs.
<blockquote class="twitter-tweet”>
NEW: Hong Kong spot opening ceremony twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF pic.twitter.com/ux1eb5PqRn
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1785233121840926965?ref_src=twsrc%5Etfw”>April 30, 2024
The three bitcoin ETFs that launched today include the ChinaAMC bitcoin ETF, the Harvest bitcoin ETF, and the Bosera HashKey bitcoin ETF.
Despite the excitement surrounding the launch, the total trading volume of all Hong Kong bitcoin ETFs stood at a modest US$8.5 million (HK$67 million) during the first day of trading.
Breaking down the trading volumes of individual bitcoin ETFs, the ChinaAMC bitcoin ETF recorded the highest volume of HK$37.16 million, the Harvest bitcoin ETF recorded HK$17.89 million, and the Bosera HashKey bitcoin ETF recorded HK$37.16 million. $12.44 million in operations.
The combined trading volume of bitcoin and ethereum ETFs for the day amounted to 87.58 million Hong Kong dollars ($12 million), according to data from Hong Kong Stock Exchange.
While trading volumes may seem low compared to US Spot bitcoin ETFs, which recorded a staggering $4.6 billion in trading volumes on their first day, industry experts remain optimistic about the prospects of these products in Hong Kong.
Samson Mow, founder of JAN3 x.com/Excellion/status/1785040628793131358″>expressed his belief that these ETFs will pay off in the long run, despite the day's low initial trading volume:
“bitcoin ETFs in Hong Kong are going to be big. Maybe not on day 1 or 2, but the long-term implications are huge. There's really nothing else for Chinese investors to put their money into right now.”
<img src="https://bitcoinmagazine.com/.image/c_fit%2Ch_800%2Cw_1200/MjA0MzE5MTg5MTE1NDc5NDkz/bm-x-unchained-article-cta—learn-more.png”>
The launch of bitcoin ETFs in Hong Kong is expected to attract more institutional investors and eventually mainstream bitcoin adoption in the region.
As the global bitcoin landscape continues to evolve, Hong Kong's decision to adopt spot bitcoin ETFs could position the city as a key player in the future of bitcoin in Asia.
<script async src="https://platform.twitter.com/widgets.js” charset=”utf-8″>
