Hong Kong Spot Bitcoin And Ethereum ETFs Chalk Up $6.3M In Volume During Debut Morning Session

Hong Kong’s Ethereum and Bitcoin ETFs (exchange-traded funds) recorded over HK$49.4 million ($6.3 million) in buying and selling quantity throughout the morning session of their Apr. 30 debut on Hong Kong Exchanges and Clearing Ltd. (HKEX).

China Asset Administration’s ChinaAMC Bitcoin ETF recorded essentially the most buying and selling quantity after it registered HK$22.97 million in exercise throughout the first half of the buying and selling day, HKEX information reveals.

The asset supervisor’s Ether ETF was the second-most lively fund and processed HK$10.47 million in volumes.

Hong Kong Spot Ethereum And Bitcoin ETFs Debuted Shortly After Approval 

Six spot Ethereum and BTC ETFs began buying and selling, managed by China Asset Administration, Harvest International, Bosera and HashKey. 

Harvest’s Bitcoin fund, the Harvest Bitcoin Spot ETF (3439.HK), skilled HK$8.11 million in buying and selling exercise on its first day. In the meantime, the corporate’s Ethereum ETF, the Harvest Ether Spot ETF (3179.HK), posted HK$2.18 million in buying and selling quantity.

Bosera and HashKey’s BTC ETF recorded HK$3.59 million in volumes throughout the morning hours, whereas their Ethereum ETF’s buying and selling exercise reached HK$1.53 million.

Certified traders exterior of Hong Kong may purchase the funds, although traders in China are nonetheless restricted from shopping for into the merchandise.

First Time Bitcoin ETFs Will Compete With ETH ETFs

Bloomberg ETF analyst Eric Balchunas notes that Hong Kong will present the primary check of how well-liked Ethereum ETFs are relative to BTC ETFs.

He estimates that ETH ETFs will will seize solely 10% or much less of the Bitcoin flows, whereas he says colleague James Seyffart is extra optimistic on the prospects for Ethereum ETFs.

Word additionally that that is the primary time we are going to get clear have a look at how well-liked Eth is relative to btc in ETF format. What % of the online flows do you assume they are going to seize? I feel 10% or much less, James extra optimistic. https://t.co/ZKggtAGQIH

— Eric Balchunas (@EricBalchunas) April 29, 2024

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