Hong Kong Bitcoin and Ether ETFs have a rough debut on their first day of trading.
The launch of spot bitcoin exchange-traded funds (ETFs) in the United States has been hard to follow as Hong Kong's new bitcoin and ethereum ETFs hit $12 million in trading volume.
Spot Bitcoin (BTC) and Ether (ETH) ETFs have finally hit the Hong Kong markets, but trading volumes suggest it has set an exceptionally high bar to match the launch of spot Bitcoin ETFs in the United States.
The total trading volume of the six new crypto ETFs at the closing bell on the first day in Hong Kong was 87.58 million Hong Kong dollars ($12 million). This number pales in comparison to the $4.6 billion in first-day trading volume of US spot Bitcoin ETFs.
Data shared by the Hong Kong Stock Exchange (HKEX) highlighted relatively flat performance and demand for Bitcoin and Ether (ETH) ETFs across six positions managed by China Asset Management, Harvest Global, Bocera and Hashkey.
The Bosera HashKey Bitcoin ETF recorded a trading volume of HK$249,000 on the first day, while the Bosera HashKey Ether ETF traded at HK$99,000 at the closing bell.
Related: Hong Kong Bitcoin and Ether ETF Officially Approved to Start Trading on April 30
The China Asset Management (CAM) Bitcoin ETF fared much better, seeing trading volume of HK$4.6 million. Trading opened at HK$8.080 and closed at HK$7.950. CAM's Ether ETF recorded a trading volume of HK$4.6 million at the closing bell.
Wu Blockchain previously reported that CAM's subscription volume for the spot Bitcoin and Ethereum ETF was $140 million before the start of trading.
The HKEX has previously highlighted investor interest in cryptocurrency futures ETFs, which were first launched in late 2022. His three “VA Futures ETFs” attracted $529 million in net income in the first quarter of 2024 – the spot BTC and ETH ETF will launch on April 30.
According to the South China Morning Post, local fund managers and brokers are offering fee-free offers to attract investors to the new crypto ETFs.
Meher waived his management fee for six months and Borsera waived his management fee for four months.
The publication also announced that investors in mainland China will be able to access the newly launched products. However, this may be mitigated by KYC policies related to mainstream Chinese ID cards.
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