According to Odaily Planet Daily, according to the latest report released by Kaiko, the competition for cryptocurrency spot ETFs is heating up globally. Last week, three asset management companies, Bosera, Harvest and Huaxia, launched Bitcoin and Ethereum spot ETFs in Hong Kong.
The total trading volume of the Hong Kong cryptocurrency spot ETF on the first day was $12.7 million, which is significantly lower than the $4.6 billion trading volume of the US Bitcoin spot ETF on the first day of listing. However, it should be noted that the Hong Kong ETF market is many times smaller than the US market.
Furthermore, despite charging a 99 basis point fee, the Huaxia Bitcoin ETF saw the strongest trading volume. Its Ethereum ETF attracted 23% of total volume on the first day, while its Bitcoin ETF accounted for 77% of trading volume.
Overall, demand for cryptocurrency ETFs in the Asia-Pacific region appears strong. Hong Kong-based asset manager Yong Rong holds more than 1 million BlackRock IBITs, making it one of the largest holdings in its portfolio, according to the first batch of mandatory 13F filings with the U.S. SEC disclosed last week.