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Hong Kong Stock Exchange data shows that six new spot Bitcoin and Ethereum exchange-traded funds (ETFs) reached over 87.5 million Hong Kong dollars ($11.2 million) in trading volume on their first day. Although impressive, this figure pales in comparison to the $4.6 billion first-day volume of 11 spot Bitcoin ETFs launched in the US in January.
Hong Kong’s Spot Bitcoin and Ethereum ETFs’ First Day Performance
China Asset Management (ChinaAMC) led the ETFs in Hong Kong by gathering $121.7 million in assets under management (AUM) by the end of the first trading day of its spot Bitcoin ETF. The company’s spot Ethereum ETF amassed $20.4 million in AUM. Other spot Bitcoin and Ethereum ETFs managed by Harvest Global, Bosera, and HashKey also made their debuts, significantly contributing to the trading volume on the Hong Kong Exchange.
The performance of Hong Kong’s spot Bitcoin and Ethereum ETFs, although not reaching the levels seen in the US spot Bitcoin ETFs, is still positively regarded in the industry. Justin d’Anethan, Head of APAC Business Development at Keyrock, noted that despite the modest trading volume compared to the US ETFs’ first day, the trading activity in Hong Kong is significant considering market dynamics.
Spot Ethereum ETFs Not Yet Offering Stake Rewards
Another notable aspect of Hong Kong’s spot Ethereum ETFs is that they currently do not offer staking rewards. Livio Weng, CEO of HashKey Exchange, mentioned that fund issuers are cautiously planning to offer staking rewards in collaboration with regulators due to perceived regulatory risks, hinting that this limitation might be resolved in the future. Despite this restriction, the trading volume reached by spot Ethereum ETFs on their first trading day indicates high interest in the region’s spot Ethereum ETFs and crypto ETFs in general.
As the cryptocurrency market in Hong Kong continues to develop, discussions between fund issuers and regulators play a crucial role in shaping the outlook of cryptocurrency ETFs. Although the trading volumes of spot Bitcoin and Ethereum ETFs on their first day do not rival those in the US, the successful launch of spot Bitcoin and Ethereum ETFs in Hong Kong, with relative support from China, points to a promising direction for the adoption of cryptocurrencies in the region.
