Hong Kong Bitcoin and Ether ETFs Draw Over $200M on Launch Day

In a modest start compared to their American counterparts, the newly launched Bitcoin and Ether ETFs in Hong Kong have generated significant interest, albeit at a lower scale.

On their opening day, these ETFs recorded a combined turnover of $23 million, which, while substantial, pales in comparison to the explosive debut of spot Bitcoin ETFs in the United States.

These US-based ETFs amassed nearly $4 billion in assets under management within their first week, peaking at $4.5 billion in trading volume on their first trading day.

Bosera’s crypto ETF assets under management. Source: Arkham Intelligence

Eric Balchunas, a noted analyst, remarked that while the figures may seem modest compared to the US, they are significant for Hong Kong.

For instance, the ChinaAMC Bitcoin ETF’s first-day intake of $123 million already places it as the sixth-largest of 82 ETFs launched in the past three years in Hong Kong and among the top 20% overall.

Hong Kong’s approach to crypto ETFs includes some unique features, such as allowing non-residents to invest if they meet specific regulatory criteria and the option for investors to subscribe using actual Bitcoin or Ether.

A survey from OSL, a local regulated crypto exchange, shows strong investor interest in these products, with nearly 77% of crypto-aware respondents in Hong Kong planning to invest.