- Bitcoin and Ethereum spot ETFs have begun trading in Hong Kong, but their first-day trading volumes were significantly lower than those in the United States.
- The six new crypto ETFs in Hong Kong recorded a closing trading volume of 87.58 million Hong Kong dollars ($12 million) on their first day, a figure far below the $4.6 billion first-day trading volume of US Bitcoin ETFs.
- Statistics shared by the Hong Kong Stock Exchange (HKEX) showed a relatively steady performance for the six spot Bitcoin and Ether ETFs managed by China Asset Management, Harvest Global, Bosera, and HashKey.
Bitcoin and Ethereum spot ETFs have made their debut in Hong Kong, but their first-day trading volumes have fallen short compared to their US counterparts.
First Day Trading Volumes of Bitcoin and Ethereum ETFs in Hong Kong
Bitcoin and Ethereum exchange-traded funds (ETFs) have finally started trading on the Hong Kong markets. However, the volumes were quite weak compared to the day Bitcoin ETFs were listed in the United States. The first-day closing trading volume of the six new crypto ETFs in Hong Kong was recorded at 87.58 million Hong Kong dollars ($12 million). This figure is significantly lower than the $4.6 billion first-day trading volume of US Bitcoin ETFs.
Performance of the ETFs
The statistics shared by the Hong Kong Stock Exchange (HKEX) showed a relatively steady performance for the six spot Bitcoin and Ether ETFs managed by China Asset Management, Harvest Global, Bosera, and HashKey. The Bosera HashKey Bitcoin ETF recorded a first-day trading volume of 249,000 HK$, while the Bosera HashKey Ether ETF recorded a trading volume of 99,000 HK$ at the closing bell.
Conclusion
While the first-day trading volumes of the Bitcoin and Ethereum spot ETFs in Hong Kong were lower than expected, it is still a significant step towards the mainstream adoption of cryptocurrencies. It remains to be seen how these ETFs will perform in the long run, and whether they will be able to attract more investors in the future.
