Bittime -The initial launch of a Exchange-Traded Fund (ETF) in Hong Kong on April 30 was greeted enthusiastically. Total assets under management (AUM) surpassed $200 million, indicating high local investor interest.
However, when compared with the popularity of spot Bitcoin ETFs in the United States earlier this year, Hong Kong's achievements are still far behind.
AUM Exceeds $200 Million, But Far from US Glory
According to data from Arkham Intelligence, the Bitcoin and Ether ETFs issued by Bosera HashKey succeeded in attracting investor interest with holdings of 964 Bitcoin (BTC) and 4,290 Ether (ETH) respectively. This equates to a total value of assets under management of $71.94 million. On the other hand, data from Bloomberg ETF senior analyst Eric Balchunas shows that ChinaAMC's Bitcoin and Ether ETF accumulated a larger combined total of $123.61 million.
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Meanwhile, assets under management data for Bitcoin and Ether spot ETFs from Harvest Global, the issuer of the third ETF, had not been updated by the Hong Kong Stock Exchange at the time this article was written. However, the total combined transaction value of the two ETFs has reached $23 million.
The comparison with the debut of a spot Bitcoin ETF in the US earlier this year is noteworthy in itself. The US ETF attracted nearly $4 billion in assets under management in its first week of launch. Daily trading volume even reached $4.5 billion on January 12, the first day of trading on Wall Street.
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"We have tried to remind everyone not to have too high expectations for Hong Kong," commented Balchunas. He added, "However, if you look at it on a local scale, this is a HUGE achievement. For example, the ChinaAMC Bitcoin ETF managed to raise $123 million on Day One, which already ranks it 6th out of 82 ETFs launched in the last 3 years in Hong Kong and ranked in the top 20% overall."
Advantages and Limitations of Hong Kong Crypto ETFs
HashKey, one of the ETF issuers, emphasized that non-Hong Kong citizens can also participate. "As long as they meet local regulatory requirements, such as passing know-your-customer due diligence," explained HashKey. Another advantage is that investors can subscribe to ETF units directly using BTC and ETH, and vice versa. This is not available for similar ETFs in the US.
Also read: Can Ethereum Maintain Its Attraction Like Bitcoin?
A survey conducted by regulated crypto exchange OSL in Hong Kong on April 28 showed that 76.9% of crypto-knowledgeable respondents in the city planned to invest in the new spot Bitcoin and Ether ETF. "This positive investor sentiment shows the growing acceptance and importance of digital assets in the region's economy," commented Gary Tiu, Executive Director and Head of Regulatory Relations at OSL. He continued, "Hong Kong has once again marked its position as a digital asset hub."
Despite the enthusiastic reception, it is worth noting that Hong Kong crypto ETFs are currently only accessible to the city's approximately 6.4 million adult residents. Investors from Mainland China, whose population is more than 1 billion, are currently barred from accessing the new ETF unless they have a residence permit in Hong Kong.
How to Buy Ethereum (ETH) from Bittime
You can buy and sell Ethereum (ETH ) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH )is available on Bittime with the market pair Ethereum (ETH )To be able to buy Ethereum (ETH )on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH ) on Bittime .
Monitor price chart movements for Ethereum (ETH ) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. 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 fluctuations in crypto asset exchange rates.
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