2024 will be the year of the crypto ETF – Hong Kong is the next region to launch a Bitcoin ETF
As spot Bitcoin ETFs in the United States gain major traction and push BTC prices to new highs in 2024, Hong Kong is emerging as the next potential region to launch a series of products. similar.
In December, the Hong Kong Monetary Authority and the Securities and Futures Commission said they would review applications for spot cryptocurrency ETFs. If approved, the new ETFs will give Hong Kong retail investors exposure to cryptocurrency.
Approval before the end of June “will coincide with the launch of spot crypto ETNs on the London Stock Exchange, although they will only be offered to institutional investors, which is limited.” possible impact mechanism
However, spot Bitcoin ETFs in Hong Kong face some unique challenges.
Acheson said ETFs are a relatively new market in Asia, with the region only seeing an average daily trading volume of $20 billion compared to $166 billion in the US by 2023.
US Bitcoin spot ETFs have seen daily trading volumes exceeding $3 billion since their launch in January.
Acheson emphasized that the mainland Chinese government's ongoing opposition to cryptocurrencies in general could be another barrier to ETF approval. Despite the headwinds, Acheson sees a positive global outlook for the Bitcoin ETF
Source: tapchibitcoin.io
