The liquidity of spot ETFs in Hong Kong is really worrying... The transaction amount on May 8 was 26.31 million Hong Kong dollars, which is about 3.3 million US dollars... But this is the transaction amount... not the net inflow or outflow, but the total amount of 6 ETFs from 3 institutions, which is difficult to evaluate.

What does a transaction amount of 3.3 million US dollars mean in the cryptocurrency circle? I roughly screened it and basically ranked 240-250.

I checked the varieties matching this transaction volume on Binance, the world's largest exchange, and basically ranked after 200.

However, HK does not seem to be ready to sit and wait. This morning, there was news that Wintermute will provide liquidity for Hong Kong Bitcoin and Ethereum ETFs. An ETF needs to use market makers in the cryptocurrency circle to make markets. Although Wintermute is also a top market maker in the cryptocurrency circle, the coins he makes markets for are sometimes really hard to describe (OP/ARB/APE/BLUR iconic cases can be checked by yourself)

However, ETFs themselves have price references, so there is no premium. Wintermute should only increase market liquidity and activate market trading volume.

But I think this cannot change the fundamental problem. Only the actual inflow of funds from the outside market is real. Using market makers to activate the market and create a hot illusion is useless for the market! #香港加密货币ETF