Recently approved Hong Kong spot bitcoin ETFs began trading today, but saw relatively low volume on their first day. The Hong Kong Securities and Futures Commission (SFC) approved 6 Bitcoin and Ethereum ETFs last week.
New: 🇭🇰 Hong Kong District Opening Ceremony #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn
– Bitcoin Magazine (@BitcoinMagazine) April 30, 2024
The three Bitcoin ETFs launched today include the ChinaAMC Bitcoin ETF, Harvest Bitcoin ETF, and Bosera HashKey Bitcoin ETF.
Despite the excitement surrounding the launch, the total trading volume of all Bitcoin ETFs in Hong Kong reached a modest $8.5 million (HK$67 million) on the first trading day.
Breaking down the individual trading volumes of Bitcoin ETFs, ChinaAMC Bitcoin ETFs recorded the highest trading volume of HK$37.16 million, Harvest Bitcoin ETFs saw $17.89 million, and Bosera HashKey Bitcoin ETFs saw trades of HK$12.44 million.
The combined Bitcoin and Ethereum ETF trading volume for the day reached HK$87.58 million (US$12 million), according to data on the website. Hong Kong Stock Exchange.
While trading volumes may seem low compared to US-based Bitcoin ETFs, which saw trading volumes of a staggering $4.6 billion on their first day, industry experts remain optimistic about the prospects of these products in Hong Kong.
Samson Mo, founder of JAN3 He believed These ETFs will pay off over the long term, despite the initial low trading day:
“Bitcoin ETFs in Hong Kong are going to be big. Maybe not on day one or two, but the long-term implications are huge. There's really nothing else Chinese investors can put their money into at this time.”
The launch of Bitcoin ETFs in Hong Kong is expected to attract more institutional investors and popularize Bitcoin adoption in the region over time.
As the global Bitcoin landscape continues to evolve, Hong Kong's move to embrace spot Bitcoin ETFs could position the city as a major player in Bitcoin's future in Asia.