In a significant development, three Bitcoin spot ETF products on the Hong Kong Stock Exchange (HKEX) set a new market record. The digital investment product has recently recorded a monthly trading volume of $154 million, valued at 1.2 billion HKD in November 2024.
This milestone reflects the increasing interest and confidence in Bitcoin-related investment products. It is particularly significant for a region that has only recently embraced cryptocurrency ETFs.
Key Players Driving the Bitcoin ETF Surge in Hong Kong
Many investors are riding on Hong Kong’s defined push for varied crypto derivatives offerings to go all out on Bitcoin ETFs.
Three Bitcoin spot ETFs are leading the charge in this historic surge. This includes the ChinaAMC Bitcoin ETF, Bosera Hashkey Bitcoin ETF, and Harvest Bitcoin Spot ETF. Together, these ETFs account for most of the trading volume.
In particular, ChinaAMC, launched under the Huaxia Fund umbrella, has been the dominant player. This digital product is responsible for a significant portion of the monthly trading volume. As of December 2, ChinaAMC Bitcoin ETF had recorded an impressive trading volume of 2.02 million shares, each priced at 11.89 HKD. This positions ChinaAMC as the clear leader among the three ETFs.
Meanwhile, Harvest Bitcoin Spot ETF is the second-largest contributor, with 162,500 shares traded on December 2 at 11.96 HKD per share. Bosera Hashkey Bitcoin ETF, while contributing to the overall volume, saw a trading volume of 64,680 shares, with its shares priced at HKD 74.58.
ChinaAMC and Harvest International alone accounted for about 88% of the total trading volume in November, around 1.06 billion HKD, equivalent to $136 million. These ETFs have been at the forefront of the market’s growth, capturing the lion’s share of investor interest.
Hong Kong ETF Market: A Growing Market with Room to Expand
Despite the impressive numbers, Hong Kong’s Bitcoin ETFs are still far from reaching the scale of their U.S. counterparts. This includes the iShares Bitcoin Trust ETF and Grayscale Bitcoin Trust ETF. These digital investment products boast average daily trading volumes of 40 million shares and 3.8 million shares, respectively.
These volumes significantly surpass those seen in Hong Kong, showing the stark contrast in market size and investor activity levels. However, Hong Kong’s growth trajectory indicates its BTC ETFs are set for expansion, with rising investor interest likely boosting volumes soon.
Hong Kong’s Strategic Positioning in the Crypto World
Since their launch, Bitcoin ETFs in Hong Kong have steadily gained momentum, reflecting the region’s growing appeal as a cryptocurrency hub.
The primary goal behind approving these funds was to offer local and international investors a secure and transparent platform for trading digital assets. November’s record-breaking trading volumes underscore this success, signaling strong investor enthusiasm for the digital asset market.
Now firmly established in the global crypto landscape, Hong Kong is poised to attract increasing attention from cryptocurrency investors worldwide.
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