Investors are speculating that comparable products might be approved in the US shortly.
The market in Hong Kong is still small in comparison to the United States.
Midway through Wednesday, the spot ether exchange-traded funds (ETFs) established by ChinaAMC, a Chinese fund manager, had a daily influx of almost HK$5 million (US$640,780), a substantial increase.
This comes after Tuesday’s record-breaking inflow of HK$3.77 million, the most since the ETF’s launch. Investors are speculating that comparable products might be approved in the US, which is leading to an upswing in investment activity.
This marks a watershed moment in the developing cryptocurrency market in Hong Kong, as the daily inflow into Ether ETFs has reached its highest point since debut. Bitcoin exchange-traded funds (ETFs) in Hong Kong also had positive inflows of $6.62 million on Monday, May 20.
With a total of 3,660 Bitcoins held, net assets of almost $246 million, and a traded value of $2.78 million, these Bitcoin ETFs have come a long way in only 13 days of trading. China AMC received $7.09k (0.11 BTC) and Harvest received $321k (4.85 BTC) as the top position in Bitcoin ETF inflows, followed by Bosera & HashKey with $6.29 million (95 BTC).
Long Way to Go
Despite this expansion, spot crypto ETFs in Hong Kong have had minimal trading volumes on most days since they went live. The market in Hong Kong is still small in comparison to the US, where spot Bitcoin ETFs were permitted in January and have far bigger trading volumes.
Despite the widespread belief that exchange-traded funds (ETFs) are essential for bringing institutional capital into the risky world of virtual assets and driving up prices, the worldwide cryptocurrency market has so far been “muted” in response to the ETF debuts in Hong Kong.
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