Hong Kong's six new Bitcoin and Ethernet spot exchange-traded funds posted trading volumes of more than HK$87.5 million ($11.2 million) on their first day of trading on Tuesday. This number pales in comparison to the $4.6 billion in first-day trading volume for 11 spots. January US Bitcoin ETF.
China Asset Management (ChinaAMC) told The Block that its Spot Bitcoin ETF had assets under management (AUM) of $121.7 million as of the end of the first day, and that the company's Spot Bitcoin ETF had $121.7 million under management. He said his assets were $20.4 million.
Six Bitcoin and Ether spot ETFs managed by China Asset Management, Harvest Global, Vocera and Hashkey officially debuted in Hong Kong today.
According to , ChinaAMC Bitcoin ETF led the trading volume, recording HK$37.16 million on the day. Hong Kong Stock Exchange data. The ETF was up 1.53% at the close. The trading volume of the company's Spot Ether ETF was HK$12.66 million.
According to data from the Hong Kong Exchange, Harvest's Spot Bitcoin ETF had a volume of HK$17.89 million and the Ether ETF had a volume of HK$4.95 million, while the Vocera Hashkey Bitcoin ETF had a volume of HK$12.44 million and the Ether ETF had a volume of HK$12.44 million on its first day of trading. Trading volume was HK$2.48 million.
When the 11 U.S. spot Bitcoin ETFs began trading in January, their first day volume was Approximately $4.6 billion.
“It’s easy to have high expectations, but expectations are bound to be disappointed, but I actually think the Hong Kong spot ETF has been successful,” said Keylock Asia, a crypto market maker. Pacific Business Development Director Justin Danesan told The Block. The volume is “not comparable to the launch of a spot BTC ETF in the US, but this is happening amidst very different market dynamics.”
“The fact that Hong Kong, which doesn't provide access to mainland Chinese investors, is getting some buy-in is positive,” Danesan said.
Additionally, the Hong Kong Spot Ether ETF does not offer staking rewards at this time. “[Missing] A return of around 4% per annum is not negligible,” Danesan added.
Livio Wen, chief executive officer of Hashkey Exchange, told The Block in a group media interview today that fund issuers do not allow staking of rewards as such activities can be considered risky. further consultation with regulators is needed to design and implement mechanisms to
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