[Bing Ventures' Chart of the Day] On April 30, Hong Kong launched six spot #Bitcoin and #ether ETFs, becoming the first in Asia to debut spot cryptocurrency ETFs. The six ETFs were issued by three institutions, including China Asset Management, Bosera Asset Management, and Harvest Global Investments. On their first day of trading, they achieved a total transaction volume of about 87.58 million HK dollars.
The debut came three months after the US launched its first spot #BTC ETFs. These have drawn substantial capital from traditional financial institutions, contributing to a surge in bitcoin’s price earlier this year. The first mover advantage in Asia has brought this debut great attention. It is also believed to serve as a regulatory seal of approval for crypto assets from Hong Kong. Experts expect the products to attract the interest of institutional and retail investors in the region.
Amid the current geopolitical situation and macroeconomic conditions, several countries’ fiat currencies are experiencing great volatility. #Crypto ETFs could offer investors more options.
