Happycoin.club - On the first day of trading, six new spot exchange-traded funds based on bitcoin and ether in Hong Kong recorded trading volume of more than 87.5 million Hong Kong dollars ($11.2 million), which, of course, is tiny compared to the trading volume of 11 spot ones funds in the US amounting to $4.6 billion.
According to the Hong Kong Stock Exchange, ChinaAMC's Bitcoin ETF led the way in trading volume, earning HK$37.16 million during the day. The ETF gained 1.53% at the close. The spot Ethereum ETF volume was HK$12.66 million.
The Harvest spot Bitcoin ETF had volume of HK$17.89 million, while the Ether ETF had volume of HK$4.95 million. At the same time, the Bosera HashKey Bitcoin ETF registered trades of HK$12.44 million, compared with HK$2.48 million for its Ether-based product on its first day of trading.
"Extreme expectations are doomed to failure, but in fact I believe that spot ETFs in Hong Kong are quite successful," said Justin D'Anetan, head of business development in the Asia-Pacific region of Keyrock, adding that these numbers are formed in completely different market dynamics .
Additionally, Hong Kong spot Ethereum ETFs do not currently offer staking rewards. Missing out on about 4% per annum is not insignificant,” d’Anetan added.
