It looks like it's going in the right direction, but it doesn't seem to be moving that fast. It takes a cycle...
Last week, three asset management companies, Bosera, Harvest and Huaxia, launched Bitcoin and Ethereum spot ETFs in Hong Kong, China. The total trading volume of Hong Kong's cryptocurrency spot ETFs on the first day was $12.7 million, significantly lower than the $4.6 billion trading volume of the US Bitcoin spot ETF on the day of its listing.
However, the Hong Kong market can have room for expansion. It can't be said too much, and it's already in action...
For example: Huaxia Bitcoin ETF charged 99 basis points in fees, but the trading volume was the strongest.
Its Ethereum ETF attracted 23% of the total trading volume on the first day, while its Bitcoin ETF accounted for 77% of the trading volume. In general, the demand for cryptocurrency ETFs in the Asia-Pacific region seems to be strong.
According to the first batch of mandatory 13F documents submitted to the US SEC disclosed last week, Hong Kong-based asset management company Yong Rong holds more than 1 million BlackRock IBITs, making it one of the largest assets in its portfolio.
This kind of competition cannot be a situation where one side grows while the other side falls. It can only be that one side rises while the other side rises as well. So the general direction is good. Facing the greater market space in the future, there is still some way to go.