In Hong Kong, significant developments continue with the Ethereum ETFs approved recently. The ETF offered by Chinese fund manager ChinaAMC surpassed 5 million HK dollars (640,780 USD) as of Wednesday, marking a significant milestone in net inflows. This increase followed Tuesday’s record inflow of 3.77 million HK dollars, the largest since the ETF began trading. Another decision regarding the SEC’s spot Ethereum ETF is expected this evening.
Hong Kong’s Ethereum ETFs Achieve Trading Records
According to the South China Morning Post, the ETF saw over 1.28 million shares traded on Tuesday, surpassing the average daily trading volume of approximately 500,000 since the market entry on April 30.
Meanwhile, other spot Ethereum ETFs in Hong Kong, offered by investment firms Harvest Global, Bosera, and HashKey Capital, also attracted attention with “higher than normal” volumes this week. The price of all three ETFs increased by over 18% as of Tuesday.
Meanwhile, eyes are on the spot Bitcoin ETFs in the US. Data provided by SoSo Value revealed that the total net inflow for the Bitcoin Spot ETF was 306 million dollars as of Tuesday, with net inflows for seven consecutive days.
Ethereum ETF and Comments
The market was focused on May 23. Within 24 hours, the US SEC was expected to make a historic decision, with the anticipated time being 23:00 Turkey time. The final decision date for VanEck’s spot Ethereum ETF was set for May 23.
Until last week, the expectation was that the ETF might be rejected, but things changed as of Monday. Bloomberg’s renowned ETF analysts raised their approval expectation rate from 25% to 75%, exciting the entire market.
Following this news, the ETH price surged from 3,000 dollars to over 3,700 dollars. As of the time of writing, the ETH price continues to trade at 3,768 dollars after a 0.81% increase. It is important to note that the price could experience high volatility following tomorrow’s decision.
