The introduction of Bitcoin (BTC) exchange-traded funds (ETFs) in the United States has proven to be a tough act to follow, as Hong Kong’s new Bitcoin and Ethereum ETFs garnered $12 million in trading volume. While Bitcoin and Ethereum ETFs have finally made their way to the Hong Kong market, the trading volumes indicate that the launch of Bitcoin ETFs in the US set an exceptionally high standard.
On the first day of trading, the total trading volume for the six new crypto ETFs in Hong Kong reached 87.58 million Hong Kong dollars ($12 million). However, this figure pales in comparison to the first-day trading volume of US Bitcoin ETFs, which amounted to $4.6 billion.
Data from the Hong Kong Stock Exchange (HKEX) revealed the relatively lackluster performance and interest in the six Bitcoin and Ether (ETH) ETFs managed by China Asset Management, Harvest Global, Bosera, and HashKey.
The Bosera HashKey Bitcoin ETF recorded a first-day trading volume of HK$249,000, while the Bosera HashKey Ether ETF generated HK$99,000 in trading volume at the close of the market.
In contrast, the China Asset Management (CAM) Bitcoin ETF fared better, with a trading volume of HK$4.6 million. The trading price opened at HK$8.080 and closed at HK$7.950. CAM’s Ether ETF also recorded a trading volume of HK$4.6 million at the close of the market.
Earlier reports by Wu Blockchain indicated that CAM’s Bitcoin and Ethereum spot ETFs received subscription sizes of $140 million during the initial offering period before trading commenced.
HKEX had previously highlighted investor interest in its cryptocurrency futures ETFs, which were launched in late 2022. In the first quarter of 2024, its three “VA Futures ETFs” attracted $529 million in net inflows, adding to the excitement surrounding the launch of the spot BTC and ETH ETFs on April 30.
Please note that this is an ongoing story, and additional information will be provided as it becomes available.