Hong Kong today welcomes the launch of the long-awaited Ethereum ETF. This historic event sparked various activities in the cryptocurrency industry.
Amid mounting speculation, Zhu Haokang, head of digital asset management at China AMC, spoke about how an Ethereum ETF could outperform a Bitcoin ETF in Hong Kong. This development will ultimately create a new wave of change for spaces to be encountered and explored.
Also read: Ethereum end-of-April price prediction: Could ETH reach $4,000?
Ethereum ETF becomes reality
Hong Kong has welcomed the new wave of ETH ETFs as a new area for the region to explore. The ETF began trading a few hours ago, bringing with it a ton of speculation. This launch is already at the forefront of the vertical market, forcing analysts and traders to make predictions about it.
Zhao Huakang, head of digital assets at China AMC, said the Ethereum ETF's first-day volume is on track to surpass the first-day volume index for the Bitcoin ETF in the United States.
“Furthermore, I am very confident in the scale of the new listing of crypto asset spot ETFs in Hong Kong. (more than USD 125 million) could exceed the initial issuance size in the US.“
Huakang later shared that Huaxia has emerged as the largest Ethereum ETF issuer among the three new contenders and will be at the forefront of this pivotal change.
“We are confident that Huaxia will become the largest ETF issuer among the three issuers. We will provide details to everyone tomorrow morning at 9:30am.”
Hong Kong welcomes three Ethereum ETFs.
Hong Kong is pioneering the ETH ETF front by greenlighting three Ethereum ETFs scheduled to be launched today. Wayne Huang of OSL Securities spoke at a previous launch event and shared how Hong Kong's position on Ethereum is clearer than the US's.
“Probably not, because whether the US defines ETH as a security or not does not affect the independent decision-making of the Hong Kong Securities Regulatory Commission,” Huang replied.
Also read: Hong Kong Bitcoin and Ethereum ETF to start trading on April 30th
Ethereum ETF is a financial tool that allows users to explore Ethereum in its traditional guise. At the time of writing, ETH is trading at $3,171, awaiting a notable price move once the ETF jitters smooth out.
