🚨🚨Hong Kong to Capitalize on Spot Ethereum ETF Before the US🚨🚨
The spot Bitcoin ETF applications are currently under processing as 10 financial institutions including Harvest Finance plan to launch spot Bitcoin ETF in Hong Kong. The industry calls for fast action on spot ETFs approval, especially spot Ethereum ETF, reported local media on March 11.
After the United States approved 11 spot Bitcoin ETFs, Bitcoin and crypto adoption gained pace. The net inflow has surpassed $9.5 billion and total assets under management (AUM) exceeded $55 billion. Bitcoin holdings of BlackRock Bitcoin ETF has even surpassed Michael Saylor’s MicroStrategy.
With rising adoption in Hong Kong amid regulatory support, plan to launch spot Ethereum ETF from the U.S. is under intensive preparation. The U.S. SEC delayed BlackRock and Fidelity spot Ether ETF applications recently, with the market experts anticipating approval in May end. Hong Kong seeks to take the lead amid rising uncertainty surrounding Ethereum ETF in the US. Experts said Hong Kong spot ETFs and derivatives and other trading products can be launched as soon as possible.
“The delayed launch of spot ETFs in half a year also means that it will be half a year later for U.S. capital to enter the market. At that time, it will face higher purchase costs and entry points, and will have to bear the risk of being locked in by U.S. capital,” said Weng Xiaoqi, COO of HashKey Group.