Hong Kong crypto ETFs raised $292 million on the first day of trading, down from $12 million.
The data is confirmed by#Bloombergsenior ETF analyst Eric Balchunas.
To understand how much higher this is than #Bloomberg's forecasts - they were waiting for an influx of $1 billion within two years (!). Hong Kong did almost 1/3 of this plan in one day. True, we need to make allowances for the fact that it was the first day.
But we wrote on April 30 that there is no need to hate Hong Kong and everything is far from what everyone claims. This was clear from#Arkhamdata, which identified Bosera Asset Management addresses. Then there was a clear discrepancy between the results of “$12 million” and the balance sheets.
The reason for the discrepancy is that assets that were invested as initial capital right before the launch were not counted as volume. In the USA they don’t do this - they invest initial capital with the opening, for a marketing effect.
A couple of quotes and figures from Balciunas:
“We just published a note with the final data (which is not coming in as quickly as in the US). In short, Hong Kong's assets on day one were $292 million (we were forecasting $1 million in 2 years, so well ahead of schedule, but corrections could derail the trajectory as we see in the US).
Ether ETFs captured 15% of the pie, and size seemed to matter more in attracting investors on day one than lower fees. The ChinaAMC Bitcoin ETF (3042 HK), which has higher fees, led inflows of $124 million, while the Harvest Bitcoin Spot ETF (3439 HK) collected $63 million and the Bosera Hashkey Bitcoin ETF (3008 HK) received a million dollars...
...Exactly $292 million are assets that were invested as initial capital right before the launch, and therefore were not counted as volume. In the US, they save the initial dollars until the first day, so the volume looks bigger, which helps with marketing..."
Asia is in action. And it will be even more difficult for miners to cover the increasing demand of institutions.
“BTC is over the bull market,” they said.
