The much-awaited Hong Kong spot Bitcoin ETFs and Ethereum ETFs commenced trading today, April 30. Last week, the Hong Kong Securities and Futures Commission (SFC) approved six spot Bitcoin and Ethereum ETFs.

Three of the Bitcoin ETFs that went live today were ChinaAMC Bitcoin ETF, Harvest Bitcoin ETF, and Bosera HaskKey Bitcoin ETF. Despite the anticipation surrounding its debut, the collective trading volume for all Hong Kong Bitcoin ETFs stood at a modest $8.5 million (HK $67 million) on the first trading day. 

The ChinaAMC Bitcoin ETF led with a trading volume of HK $37.16 million, followed by the Harvest Bitcoin ETF with $17.89 million, and the Bosera HashKey Bitcoin ETF with HK $12.44 million traded. 

According to data from the Hong Kong Stock Exchange, the total trading volume for Bitcoin and Ethereum ETFs has amounted to HK $87.58 million ($12 million).

However if compared with the first-day trading volume of the US spot Bitcoin ETF, Hong Kong’s spot Bitcoin ETF’s trading volume is comparatively lower. However, industry experts maintain optimism towards the potential of these products in Hong Kong. 

“Bitcoin ETFs in HK are going to be big. Maybe not on day 1 or 2, but the long-term implications are massive. There is really nothing else for Chinese investors to put their money into at this time.” – Samson Mow, founder of JAN3 

The Bitcoin ETFs in Hong Kong are expected to draw increased interest from institutional investors and foster broader acceptance of Bitcoin in the region as time progresses. 

As the worldwide Bitcoin environment undergoes transformation, Hong Kong’s decision to embrace spot Bitcoin ETFs has the potential to establish the city as a significant participant in the future of Bitcoin across Asia.