The highly anticipated Hong Kong Bitcoin ETF market is set to kick off trading on Tuesday, heralding a significant milestone in cryptocurrency adoption and building on the success of the US ETF market.
Zhu Haokang, Digital Asset Management Supervisor at Warsaw Fund, expressed confidence in the trading volume of Hong Kong Bitcoin ETFs on their inaugural day, surpassing the scale achieved during the US launch earlier this year, which totaled over $125 million.
Huaxia, one of the three ETF issuers, is poised to become the largest ETF issuer on the first day of trading, with OSL, a digital asset platform, completing initial fundraising with two funds, including Huaxia.
Capital inflow during the Hong Kong spot Bitcoin ETF's first-day listing transaction has exceeded that of the US spot ETF market, attributed to the availability of spot and in-kind transactions, unlike in the US spot Bitcoin ETF.
China Summer Fund's Hong Kong spot ETF integrates Hong Kong dollars, US dollars, and dual counter offers, distinguishing it from competitors. It features a non-listed share alongside the listed share, facilitating direct acquisition using existing Bitcoin holdings.
Efforts to attract investors from regions without ETF offerings, such as Singapore and the Middle East, have generated significant interest.
Despite the sizable US spot Bitcoin ETF market, Hong Kong's utilization of cash and in-kind subscriptions, along with open trading during Asian market hours, is expected to attract American investors.
While mainland Chinese investors face restrictions, qualified individuals and institutional investors in Hong Kong can participate in the spot ETF market. Further details are available from voucher providers and sales channels, with vigilance advised regarding regulatory adjustments.
Currently, BTC trades at $63,000, unable to consolidate above $66,000. Nonetheless, the Hong Kong ETF market's launch is anticipated to have a significant long-term impact on BTC's price.
Golden Finance launches Golden Web3.0 Daily to provide you with the latest and fastest news on games, DeFi, DAO, NFT and Metaverse industries.
JinseFinanceRumors suggest mainland Chinese investors may soon access Bitcoin ETFs in Hong Kong. Optimism surrounds the potential integration, driven by financial mechanisms and socio-economic factors. Speculation on the impact includes projections of substantial capital influx and market implications.
Huang BoHong Kong approves Bitcoin and Ether ETFs, offering regulated access to digital assets. In-kind creation model contrasts with the US cash-centric approach. Expectation of fee competition with potential fee waivers and lower-than-expected fees sparks optimism.
Huang BoHong Kong has once again gathered a group of crypto professionals under the name of Web3. Amid the diverse collisions among retail investors, projects, KOLs, VC/PE and even government officials, the future of Hong Kong and crypto is also constantly unfolding.
JinseFinanceSince the U.S. Securities and Exchange Commission approved the listing of the first 11 spot Bitcoin ETFs on January 10, Hong Kong’s financial market has also made new progress in incorporating virtual assets.
JinseFinanceAs of now, the SFC has not approved any virtual asset spot ETFs, and the industry requires time for preparations.
AlexSEBA received its in-principle approval in August, and has now received the full licence.
ClementThe tests are part of Project Mbridge, a CBDC network that the HKMA is testing with the People's Bank of China.
AlexThe program is the first ever MSc in Blockchain Technology (MScBT) in Hong Kong.
OthersInternational Art fair staged by Art Basel Hong-Kong stay ahead supporting the digital art of work. In Its 2022’s exhibition, ...
Bitcoinist