Hong Kong Financial Institutions Eye Ethereum ETFs to Bolster Global Crypto Market Position
In the wake of the successful launch of Bitcoin spot ETFs in the United States, financial institutions in Hong Kong are gearing up to tap into the growing demand for cryptocurrency investment products.
While Hong Kong opened applications for Bitcoin spot ETFs in December last year, no related products have hit the market yet, leaving Asian investors at the risk of lagging behind their American counterparts.
In an attempt to bridge this gap, Hong Kong-based institutions are actively preparing to launch spot ETFs for Ethereum.
The goal is to gain an edge over the United States, solidifying Hong Kong’s position in the global crypto market, as per reports from local media outlets .
The cumulative net inflow of Bitcoin spot ETFs in the United States surpassed $2.24 billion last week, propelling the price of Bitcoin to reach new all-time highs.
As per Coinglass data, the total asset under management of Bitcoin ETFs currently stands at $55.34 billion.
The top three performers in this space are GBTC, IBIT, and FBTC, managing $27.73 billion, $12.97 billion, and $8.35 billion, respectively.
These figures represent an increase of over 40% compared to mid-January prices.
Taking a cue from the Bitcoin frenzy, two Bitcoin futures ETFs in Hong Kong have also witnessed significant growth.
The Southern Bitcoin ETF (3066) reached a high of 27.5 yuan, a 2.5-fold increase from its listing price, while the Samsung Bitcoin ETF (3135) peaked at 26.8 yuan, marking a 2.2-fold increase.
Amidst the surge in Bitcoin-related investment products, market attention has turned to the development of Hong Kong’s Bitcoin spot ETF offerings.
Weng Xiaoqi, CEO of HashKey Exchange and COO of HashKey Group, emphasized the need for Asian
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