Hong Kong Spot Bitcoin And Ethereum ETFs Chalk Up $6.3M In Volume During Debut Morning Session

Updated: 30 April 2024

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Hong Kong’s Ethereum and Bitcoin ETFs (exchange-traded funds) recorded over HK$49.4 million ($6.3 million) in trading volume during the morning session of their Apr. 30 debut on Hong Kong Exchanges and Clearing Ltd. (HKEX).

China Asset Management’s ChinaAMC Bitcoin ETF recorded the most trading volume after it registered HK$22.97 million in activity during the first half of the trading day, HKEX data shows.

The asset manager’s Ether ETF was the second-most active fund and processed HK$10.47 million in volumes.

Hong Kong Spot Ethereum And Bitcoin ETFs Debuted Shortly After Approval

Six spot Ethereum and BTC ETFs started trading, managed by China Asset Management, Harvest Global, Bosera and HashKey.

Harvest’s Bitcoin fund, the Harvest Bitcoin Spot ETF (3439.HK), experienced HK$8.11 million in trading activity on its first day. Meanwhile, the company’s Ethereum ETF, the Harvest Ether Spot ETF (3179.HK), posted HK$2.18 million in trading volume.

Bosera and HashKey’s BTC ETF recorded HK$3.59 million in volumes during the morning hours, while their Ethereum ETF’s trading activity reached HK$1.53 million.

Qualified investors outside of Hong Kong can also buy the funds, though investors in China are still restricted from buying into the products.

First Time Bitcoin ETFs Will Compete With ETH ETFs

Bloomberg ETF analyst Eric Balchunas notes that Hong Kong will provide the first test of how popular Ethereum ETFs are relative to BTC ETFs.

He estimates that ETH ETFs will will grab only 10% or less of the Bitcoin flows, whereas he says colleague James Seyffart is more optimistic on the prospects for Ethereum ETFs.

Note also that this is the first time we will get clean look at how popular Eth is relative to btc in ETF format. What % of the net flows do you think they will grab? I think 10% or less, James more optimistic. https://t.co/ZKggtAGQIH

— Eric Balchunas (@EricBalchunas) April 29, 2024