Experts stated that China-linked tokens such as VeChain and Neo are being used as tools towards Hong Kong's goal of becoming Asia's leading crypto hub.
This comes amid speculation about the possibility of Hong Kong regulators approving spot ETFs for Bitcoin and Ethereum in the near future. In line with expectations, both tokens achieved significant weekly gains. However, due to the downturn in the market, both altcoins gave back some of their weekly gains.
Wintermute analysts evaluated this situation as follows:
"The retail and fast money circles in particular see tokens like VeChain and Neo as a reflection of demand in Asia. For example, Neo is often colloquially referred to as the 'China's Ethereum'."
Analysts also highlighted that Hong Kong's efforts to position itself as a cryptocurrency hub in the East may have contributed to Neo's strong performance and increased interest in projects such as VeChain and Conflux:
“The selection of these tokens attracted the attention of many fast money investors when Hong Kong started issuing individual crypto licenses around June 2023. Many preferred to invest in these tokens as a benchmark for the APAC region.”
The upward moves in both tokens coincide with news of Hong Kong regulators approving Bitcoin and Ethereum-based spot ETFs early Monday.
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