Bittime - Bloomberg ETF analyst Eric Balchunas provides a realistic view regarding investor expectations for the spate of Bitcoin and Ether spot ETFs recently approved in Hong Kong.
Bitcoin and Ether ETF approval in Hong Kong
On April 15, the Hong Kong Securities and Futures Commission (SFC) gave conditional approval to three Chinese offshore asset managers to issue spot Bitcoin and Ether ETFs. The asset managers involved are Harvest Fund Management, Bosera Asset Management, and China Asset Management.
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Reality of Realistic Expectations
Balchunas rejected lofty predictions calling for an inflow of $25 billion and advised investors to temper their expectations for the new product.
Balchunas explained that Hong Kong's ETF market is relatively small compared to large countries like the US, and Chinese retail investors do not have formal access to these products.
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Efficiency and Cost
ETF fees in Hong Kong will likely be set at around 1-2%, a far cry from the very cheap fees in the US.A lack of efficiency in the ecosystem can result in wide spreads and deep discounts for these ETFs.
Bitcoin and Ether ETF Market Potential in Hong Kong
Despite doubts regarding the size of the market, Jamie Coutts, chief crypto analyst at Real Vision, is optimistic that the product will open up a large pool of capital for Chinese investors, who are already used to managing the risks of government capital controls.
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In-Kind Creation Model
The in-kind creation model allows new ETF shares to be issued directly using BTC and ETH, avoiding the problems associated with cash creation.
Bitcoin and Ether spot ETFs are scheduled to launch in about two weeks, opening up new potential for investors in the crypto market.
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DISCLAIMER: This article is informative and does not constitute an offer or solicitation to sell or buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in crypto asset exchange rate fluctuations.
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