Ryan Miller, the Managing Director of Hong Kong-based crypto exchange OSL, is projecting that spot crypto Exchange Traded Fund (ETF) products in the country will do better in the coming year.
He expected to see “substantial growth” in the crypto ETF volume and inflows in 2025. OSL is allegedly Hong Kong’s largest custodian of local spot crypto ETFs with over 70% market share.
Positive Sentiment to Influence Spot Crypto ETF Outlook
Miller perceives that the sentiment surrounding the offering has improved significantly locally and globally.
On this premise, he sees the future of spot crypto ETFs as brighter. Also, the OSL executive highlighted the incoming administration in the United States, citing that it will present a more favorable stance for the crypto industry.
“The new U.S. administration’s favorable stance toward the crypto industry, coupled with interest rate cuts, has positively impacted global sentiment and cryptocurrency prices,” Miller stated.
Hong Kong Launch Spot Bitcoin and Ethereum ETFs
In April 2024, Hong Kong welcomed Bitcoin (BTC) and Ethereum (ETH) spot ETFs. Hong Kong became the first jurisdiction in Asia to issue a spot Ethereum ETF.
Top firms like China Asset Management, Bosera Capital, and HashKey Capital Limited were endorsed by the Securities and Futures Commission (SFC) to launch Bitcoin and Ethereum ETFs.
This was about four months after the US Securities and Exchange Commission (SEC) greenlighted BTC ETFs in America. On the debut trading day, Hong Kong crypto ETFs recorded a combined trading volume of approximately HK$87.5 million, equivalent to $11.2 million.
US Spot Crypto ETFs Outperform its Hong Kong Counterparts
The Bitcoin ETFs have up to 4,560 BTC, valued at approximately 444.6 million, as of Dec. 11, and the Ethereum funds hold up to 16,280 ETH ($59.6 million).
Still, some entities evaluated the crypto ETFs as underwhelming. Compared to their US counterparts, they are grossly underperforming. The US spot crypto ETFs have a stellar record in terms of volume and inflows.
These measures increased when pro-crypto Donald Trump won the election and was reelected as US President. As of early December, US spot Bitcoin ETFs already had a cumulative net inflow of over $34.06 billion, while its Ethereum counterparts saw over $1.78 billion.
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