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- Hong Kong’s spot ETFs for virtual assets, led by Bitcoin, experienced a surge in trading volume on May 3, 2021.
- Despite this, analysts caution that Hong Kong ETFs may struggle to match the scale and dominance of their US counterparts.
- Factors such as market size, restrictions on Chinese locals, and the absence of major players like BlackRock contribute to this projection.
Despite a recent surge in trading volume, Hong Kong’s spot ETFs for virtual assets face challenges in matching the scale and dominance of their US counterparts. This article delves into the factors contributing to this outlook.
Surge in Trading Volume for Hong Kong’s Spot ETFs
On May 3, 2021, Hong Kong’s spot ETFs for virtual assets reported a significant increase in trading volume. The overall trading volume reached HK$48.91 million, with Bitcoin ETFs leading at HK$43.41 million and Ethereum ETFs following at HK$5.5 million. This surge is noteworthy, considering the trading volume for US Bitcoin spot ETFs on May 2 was a staggering $1.72 billion.
Challenges in Matching US Counterparts
Despite the enthusiasm generated by the approval of spot Ethereum and Bitcoin ETFs by the Hong Kong Securities and Futures Commission (SFC), analysts project moderate inflows and caution against unrealistic expectations. Eric Balchunas, a senior ETF analyst at Bloomberg, attributes this conservative estimate to several factors. Firstly, the Hong Kong ETF market, valued at $50 billion, is relatively small compared to the US market. Secondly, restrictions on Chinese locals purchasing these ETFs limit potential demand. Lastly, the absence of major players like BlackRock in Hong Kong’s ETF landscape may hinder significant investments.
Comparing Underlying Ecosystems
The underlying ecosystem of the Hong Kong market is thought to be less efficient and accessible than the US market. This results in premium discounts and larger spreads for exchange-traded funds. Investors accustomed to lower-cost choices in the US may be deterred by the relatively higher fees (1% to 2%) attached to Hong Kong ETFs, as noted by Balchunas.
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Conclusion
Despite the recent surge in trading volume and the approval of ETFs in Hong Kong, Bitcoin is currently trading at $59,112.26, experiencing a growth of 0.73% in the last 24 hours. While Hong Kong ETFs may hold potential in the long run, they are unlikely to match the scale and dominance of their US counterparts upon launch.
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