Spot Bitcoin and Ethereum ETFs have officially debuted on The Stock Exchange of Hong Kong.
What’s happening:
- Spot Bitcoin and Ethereum ETFs have officially begun trading in Hong Kong for the first time
Why it matters:
- The policymakers in Hong Kong recently granted approval for spot Bitcoin and Ethereum ETFs to be able to list on The Stock Exchange of Hong Kong
- The new approval in Hong Kong comes closely after the historic decision by the SEC to allow spot Bitcoin ETFs to trade on major US stock exchanges
By the numbers:
- A combined 6 new listed ETFs focused on crypto listed on The Stock Exchange of Hong Kong
- In the first day of trading in Hong Kong, spot Bitcoin ETFs saw $8.5M USD of trading volume and spot Ethereum ETFs saw $2.5M USD of trading volume
The fine print:
- Initial expectations for the trading volumes in both the spot Bitcoin and spot Ethereum ETFs were significantly higher than what ended up occurring, with many predictions forecasting there would be more than $100M USD in demand