👉👉👉 Asia's first spot bitcoin and ether #ETFs make lukewarm #hongkong debut

Six new spot bitcoin and ether exchange-traded funds (ETFs) debuted in Hong Kong, marking Asia's first introduction of such products. Despite moderate trading activity, the launch showed mixed results, with #BitcoinETFs from China AMC, Harvest, and Bosera recording gains, while ether ETFs experienced slight declines.

Hong Kong, aiming to maintain its status as a financial center, has positioned itself as a global digital asset hub despite mainland China's cryptocurrency ban.

The total turnover on debut day reached approximately $112 million, lower than the US debut but driven by significant pre-listing fund accumulation from both crypto and traditional investors. China AMC's bitcoin ETF started with the largest initial size of HK$950 million ($121 million).

While Christina Choi of the Securities and Futures Commission (SFC) emphasized the launch's significance, she also cautioned about the speculative nature of virtual assets.

This launch positions Hong Kong in competition with the US for crypto investors' attention. Hong Kong's ETFs employ an "in-kind" transaction mechanism, appealing to token owners seeking to avoid conversion costs.

Initial inflows into Hong Kong's crypto spot ETFs are expected from local retail investors due to cost considerations, with management fees ranging from 0.3% to 0.99%.

Bitcoin and ether have seen significant increases in value this year, with bitcoin reaching an all-time high in March and trading around $62,000 on Tuesday.

Source - finance.yahoo.com

#CryptoNews🔒📰🚫 #BinanceSquareTalks