☕Hong Kong's approval of Bitcoin and Ethereum spot ETF
So after much speculation, Hong Kong has officially approved proposals for Bitcoin and Ethereum spot ETF trading.
In January 2024, the United States Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETFs, a decision hailed as historic for the crypto market as it facilitated institutional investor inflows.
However, the green light for Ethereum spot ETFs in the US is still pending. Despite rumors suggesting SEC approval in May, the likelihood seems low as the SEC has remained silent on Ethereum spot ETF proposals.
Hong Kong's approval of Bitcoin and Ethereum spot ETFs could trigger another growth spurt in the cryptocurrency market, eagerly anticipated by investors.
US Bitcoin spot ETFs have played a crucial role in propelling BTC to all-time highs earlier this year, reaching $73,737 in early March, buoyed by increasing capital flows into Bitcoin spot ETFs.
