Key Points
- Hong Kong’s Bitcoin and Ethereum ETFs debut led to a record $12.4 million in trading volume on the first day.
- The ChinaAMC reportedly netted over $141 million in AUM, with Bitcoin dominating the assets.
On April 30th, Hong Kong’s Bitcoin and Ethereum ETFs made their debut, resulting in a record-breaking $12.4 million in trading volume on the first day.
Strong Performance
The performance was particularly strong for ChinaAMC, which reportedly managed to net over $141 million in assets under management (AUM). This significant amount was noted by Bloomberg analyst Eric Balchunas, who pointed out that the $12.4 million was a substantial amount for the Hong Kong market.
Six spot-Bitcoin and Ethereum ETFs made their debut in Hong Kong, marking the first of their kind in the Asian region. These products were offered by ChinaAMC, Bosera, Hashkey, and Harvest.
Bitcoin Dominates
On the first day, Bitcoin grabbed more volume and AUM than Ethereum. In the case of ChinaAMC, Bitcoin dominated with $121 million in assets (86%) compared to Ethereum’s $21 million.
The Bosera Hashkey Bitcoin ETF recorded HK$12.44 million in trading volume, while its Ethereum ETF reached HK$2.48 million during the first day of trading.
Balchunas highlighted that despite the lower numbers compared to the US, Hong Kong’s debut was a stellar performance when adjusted for the size of their market. He further emphasized that the inflows from Hong Kong Bitcoin ETFs will help offset the current negative US flows.
As the week progresses, the BTC price is expected to retest the range-low around $60K again due to upcoming events such as the FOMC meeting and the US Treasury’s Quarterly Refunding.
These events are anticipated to offset the crypto trends for the second half of 2024 and determine the amount of liquidity injected into the market.
