ChinaAMC’s spot Ether ETFs in Hong Kong saw inflows exceed HK$5 million by midday Wednesday amid speculation about U.S. approval of similar products.
ChinaAMC, a Chinese fund manager, introduced spot ether exchange-traded funds (ETFs) that saw a significant increase in daily inflows, with the total amount reaching more than HK$5 million (US$640,780) as of the middle of the day on Wednesday.
This follows an amazing inflow of HK$3.77 million on Tuesday, which marked the greatest since the ETF’s debut. Investors’ speculation about the potential approval of similar products in the United States has led to this increase in investment activity.
The fact that net inflows on Tuesday alone reached HK$3.77 million demonstrated a significant increase in investor interest.
Ether exchange-traded funds (ETFs) in Hong Kong have recently experienced their largest daily inflow since their introduction, which is a significant moment in the development of the cryptocurrency market in the region.
On Monday, May 20, Hong Kong’s Bitcoin exchange-traded funds (ETFs) reported positive inflows totaling $6.62 million. After just thirteen days of trading, these Bitcoin exchange-traded funds (ETFs) have amassed a total of 3,660 bitcoins, with their total net assets reaching around $246 million and their total value exchanged reaching $2.78 million.
Bosera & HashKey topped the spot Bitcoin ETF inflows, bringing in $6.29 million (95 BTC), followed by China AMC with $7.09 thousand (0.11 BTC), and Harvest with $321 thousand (4.85 BTC).
This significant increase highlights the growing interest and confidence that institutions have in Bitcoin exchange-traded funds (ETFs) within Hong Kong’s financial markets to begin with.
In spite of this rise, the turnover of Hong Kong’s spot cryptocurrency exchange-traded funds (ETFs) has been relatively modest on the majority of days since their inception.
Compared to the United States, where spot Bitcoin exchange-traded funds (ETFs) received approval in January and enjoy significantly higher trading volumes, Hong Kong’s market remains relatively small.
The early impact of Hong Kong’s ETF debuts on the global cryptocurrency market has been “muted,” despite the fact that exchange-traded funds (ETFs) are often seen as being the most important tool for luring mainstream investors to volatile virtual assets and potentially driving up prices.
When compared to the market in the United States, the exchange-traded fund (ETF) market in Hong Kong is significantly smaller.
On Tuesday, ETF experts Eric Balchunas and James Seyffart of Bloomberg Intelligence increased the anticipated probability of the Securities and Exchange Commission (SEC) approving exchange-traded funds (ETFs) from 25% to 75%, indicating that the regulatory body may be considering a change in its position.
This development has generated significant interest and hope within the market. The price of Ethereum (ETH) is currently at $3,748.40, and the volume of activity that has occurred over the past 24 hours has reached $31.7 billion.
During the past twenty-four hours, the price has increased by 2.42%, and it has increased by a significant 29.16% over the course of the previous week. The market capitalization of Ethereum has hit $450.3 billion, with a total quantity of 120 million ETH now in circulation.
We anticipate the Securities and Exchange Commission to make a decision on at least one of the exchange-traded fund applications by the 23rd of May. We eagerly anticipate this judgment because it has the potential to drastically impact market dynamics and investor sentiment regarding exchange-traded funds worldwide, not just in the United States.