NEW YORK, April 30, 2024 - Hong Kong’s newly launched spot Bitcoin ETFs experienced a modest trading volume of $8.5 million on their inaugural day, marking a significant milestone for the world’s leading cryptocurrency in the region. The Hong Kong Securities and Futures Commission (SFC) had approved a total of six spot Bitcoin and Ethereum ETFs last week, setting the stage for today’s market debut.

Among the three Bitcoin ETFs that commenced trading today were the ChinaAMC Bitcoin ETF, the Harvest Bitcoin ETF, and the Bosera HashKey Bitcoin ETF. Despite the initial buzz surrounding their launch, the collective trading volume for all Hong Kong Bitcoin ETFs reached a relatively modest HK$67 million (approximately $8.5 million)

A closer look at the individual ETF performances reveals that the ChinaAMC Bitcoin ETF led with the highest trading volume, recording HK$37.16 million. The Harvest Bitcoin ETF followed with HK$17.89 million, while the Bosera HashKey Bitcoin ETF saw HK$12.44 million in trading volume.

When including the Ethereum ETFs, the total trading volume for both Bitcoin and Ethereum ETFs combined for the day amounted to HK$87.58 million (about $12 million), according to data from the Hong Kong Stock Exchange.

Although these initial trading volumes appear modest in comparison to the U.S. spot Bitcoin ETFs, which saw an eye-popping $4.6 billion in trading on their first day, industry experts remain optimistic about the future of these products in Hong Kong.

Samson Mow, founder of JAN3, commented on the launch, expressing confidence in the long-term potential of Hong Kong's Bitcoin ETFs despite the initial low volume. “Bitcoin ETFs in Hong Kong are going to be significant,” Mow stated. “They may not see explosive growth immediately, but the long-term implications are substantial. Currently, there are few other attractive investment options for Chinese investors.”

The introduction of Bitcoin ETFs in Hong Kong is anticipated to draw increased interest from institutional investors and could foster broader mainstream adoption of Bitcoin in the region. As the global Bitcoin market evolves, Hong Kong’s adoption of spot Bitcoin ETFs may position the city as a pivotal player in the future of Bitcoin across Asia.

Overall, while the early trading volumes might not yet rival those of more established markets, the launch of these ETFs represents a crucial step in Hong Kong's growing involvement in the cryptocurrency space and sets the stage for future developments in Bitcoin investment.