Key Highlights;
- Hong Kong’s Bitcoin and Ethereum ETFs began with modest trading volumes of HK$87.58 million ($12 million), significantly less compared to the U.S. debut.
- The China Asset Management Bitcoin ETF led with a higher first-day trading volume of HK$4.6 million, distinguishing itself among the six launched ETFs.
Yello ParadiseSquad! Hong Kong has officially rolled out its much-anticipated Bitcoin and Ethereum ETFs, but the opening day trading volumes were surprisingly low compared to their U.S. counterparts. While the U.S. ETFs kicked off with a massive $4.6 billion in trades, Hong Kong’s debut summed up to just HK$87.58 million (about $12 million).
Details on the Day’s Trading
The six new crypto ETFs in Hong Kong, managed by big names like China Asset Management, Harvest Global, Bosera, and HashKey, had a quiet start. The standout was the China Asset Management Bitcoin ETF, which saw HK$4.6 million in trades, closing slightly down from its opening price. In contrast, the Bosera HashKey Bitcoin and Ether ETFs had modest volumes of HK$249,000 and HK$99,000 respectively.
Quick Insights
Despite the lukewarm trading figures on day one, there was significant interest in the initial offering phase, with CAM’s Bitcoin and Ethereum spot ETFs attracting $140 million in subscriptions. Moreover, earlier enthusiasm for Hong Kong’s cryptocurrency futures ETFs, which had launched in late 2022 and gathered $529 million in the first quarter of 2024, suggested a strong investor interest which did not fully translate to the spot ETFs on their first day. The global crypto community will be watching to see if these numbers pick up in the days to come.
