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Famous market maker Wintermute aims to expand its influence in the Asian market by providing liquidity for listed spot Bitcoin and Ethereum ETFs in Hong Kong. The London-based company announced on Wednesday that it would step in as a liquidity provider for spot Bitcoin and Ethereum exchange-traded funds in Hong Kong to strengthen its market share in Asia.
Wintermute CEO Evgeny Gaevoy Announces Critical Development
Wintermute CEO Evgeny Gaevoy emphasized that crypto ETFs facilitate investors‘ access to digital assets through a regulated and approved investment vehicle. Gaevoy stated, “Crypto ETFs provide investors of all levels with the opportunity to enter the world of cryptocurrencies. They play a critical role in the entry into the crypto space for both institutional and individual investors.” Additionally, he noted that increasing access to cryptocurrencies would accelerate growth and that Wintermute would play a key role in this process.
It was reported that Wintermute would partner with the sub-custodians of cryptocurrency trading platforms such as OSL Digital Securities and HashKey HK Exchange to provide liquidity. This partnership aims to streamline the buying, selling, and delivery processes of Bitcoin (BTC) and Ethereum (ETH), the underlying assets of the ETFs.
Bitcoin and Ethereum ETFs in Hong Kong Show Modest Start
Regarding the company’s expansion in the Asian market, Gaevoy said, “Hong Kong has proven itself as a leading advocate for crypto and we hope other Asia-Pacific countries will follow its leadership in the near future.” However, it is mentioned that the three Bitcoin ETFs that started operations in Hong Kong on April 29 had a slow start compared to their counterparts in the USA. It was reported that the assets under management as of Monday’s close were 4,400 Bitcoin, or approximately 276 million dollars.
Wintermute’s strengthening of its presence in Asia is considered an important step at a time when demand for cryptocurrencies is increasing. This move could help enhance the company’s effectiveness in the region and strengthen its position in the global market. However, the extent of the flow is not yet clear. If the figure is large, it could potentially set an example for other institutional investors. This could be a significant breakthrough for ETFs in Hong Kong.
