ChinaAMC (Hong Kong) Limited hosted a press briefing on April 29 to unveil its new Spot ChinaAMC Bitcoin ETF and Spot ChinaAMC Ethereum ETF, set to launch at 1:30 a.m. UTC (9:30 a.m. Hong Kong time) on April 30.
Foresight News reported that Zhu Haokang, who leads digital asset management and family wealth at ChinaAMC (Hong Kong), anticipates that the trading volume of their virtual asset spot ETFs on the debut day will exceed the $125 million benchmark achieved by ten US Bitcoin spot ETF issuers on January 10 of this year. Zhu also mentioned that ChinaAMC is aiming to set a record for the highest trading volume on the first day among the three issuers in Hong Kong.
China AMC is pretty confident that HK can outdo the US in bitcoin ETF flows and volume on Day One (which starts in a few hrs). Also says other regions like Singapore and Middle East could seek out the ETFs altho confirmed off limits for China mainland invs https://t.co/J2YwF9LMZU pic.twitter.com/TRXRNNthBC
— Eric Balchunas (@EricBalchunas) April 29, 2024
Today marked the official debut of six spot Bitcoin and Ethereum ETFs on the Hong Kong Stock Exchange, introducing Asia’s first spot crypto ETFs. This move is part of the region’s ongoing efforts to establish itself as a crypto hub.
The six new ETFs listed on Hong Kong Exchanges and Clearing Ltd., or HKEX are the Bosera HashKey Bitcoin ETF (3008.HK), Bosera HashKey Ether ETF (3009.HK), ChinaAMC Bitcoin ETF (3042.HK), ChinaAMC Ether ETF (3046.HK), Harvest Bitcoin Spot ETF (3439.HK), and Harvest Ether Spot ETF (3179.HK).
Sadly, the reality of today’s launch did not live up to pre-launch expectations:
Disappointing but still early days.
— Bitcoin Archive (@BTC_Archive) April 30, 2024
Sina G., Co-Founder and COO of 21st Capital, said there were $8.8 and $2.6 of inflows to the new Hong Kong-based spot Bitcoin ETFs spot Ethereum ETFs, respectively:
2/ Trading VolumeBitcoin Spot ETF: $8.8 millionEther Spot ETF: $2.6 million, 29% vs. Bitcoin
— Sinz 🗝️⚡ 21st.Capital (@Sina_21st) April 30, 2024
He went on to say:
“These ETFs provide in-kind creation/redemption. You can deposit and withdraw Bitcoin, which is a major advantage. Investors in Mainland China are banned from buying these. As a result, compared to US volume (e.g., $1B for IBIT), these traded 100 times less. So, on the first day, at least, it shows a very small trading market. In the coming months, I do expect some mainland capital to find its way to HK ETFs through various loopholes.“
Currently (as of 12:30 p.m. UTC on April 30), Bitcoin is trading at around $61,233, down 1.8% in the past 24-hour period:
Source: TradingView
As analyst “Crypto Rand” pointed out, Bitcoin seems to have its worst monthly close in sixteen months:
#Bitcoin on track for its worst monthly close in 16 months 😲Still no cause for panic. We are still up more than double from 12 months ago. pic.twitter.com/JQI4zL1e3F
— Crypto Rand (@crypto_rand) April 30, 2024
Featured Image via Unsplash
