Wintermute to Provide Liquidity for Hong Kong Bitcoin and Ethereum Spot ETFs

CoinDesk reports that in order to expand its market share in the Asian market, cryptocurrency trading company Wintermute announced that it will become the liquidity provider for the latest Hong Kong-listed Bitcoin and Ethereum spot ETFs.

Wintermute has established a partnership with OSL Digital Securities and HashKey HK Exchange, two virtual asset trading platforms and sub-custodians that facilitate the operation of ETFs. As a market maker, Wintermute will assist OSL and HashKey in completing the purchase, sale and delivery of the ETF's underlying assets (i.e. Bitcoin and Ethereum) to ensure that the ETF creation and redemption process is smooth. Wintermute said that this partnership is part of its broader expansion into the Asian market.

Although the Hong Kong Bitcoin ETFs, which were listed on April 29, have performed relatively slowly so far compared to their US counterparts, they have still accumulated about 4,400 Bitcoins, equivalent to about $276 million in assets under management. This shows that investors' acceptance of cryptocurrency ETFs in the Asian market, despite a slow start, still has potential. As the market develops and investors' interest in cryptocurrencies increases, it is expected that the size of these ETFs may gradually grow. #BTC #ETH