NEW YORK, April 30, 2024 - On their first trading day, Hong Kong's six new spot Bitcoin and Ether exchange-traded funds (ETFs) saw a total trading volume of over HK$87.5 million ($11.2 million). This initial volume, however, is modest compared to the $4.6 billion in first-day trading volume for 11 spot Bitcoin ETFs in the U.S. back in January.

China Asset Management (ChinaAMC) reported that its spot Bitcoin ETF attracted $121.7 million in assets under management (AUM) by the end of the first trading day, while its spot Ether ETF reached $20.4 million in AUM.

The six ETFs, managed by ChinaAMC, Harvest Global, Bosera, and HashKey, made their debut in Hong Kong on Tuesday. Among them, the ChinaAMC Bitcoin ETF led in trading volume, achieving HK$37.16 million and closing with a 1.53% gain. Its spot Ether ETF recorded a trading volume of HK$12.66 million.

Harvest Global's spot Bitcoin ETF saw a volume of HK$17.89 million and its Ether ETF reached HK$4.95 million. Bosera's spot Bitcoin ETF had HK$12.44 million in volume, while its Ether ETF garnered HK$2.48 million on the first trading day, according to data from the Hong Kong Stock Exchange.

Justin d'Anethan, head of APAC business development at crypto market maker Keyrock, commented on the debut, noting that while the Hong Kong volumes fall short compared to the U.S. launch figures, they still represent a positive development given Hong Kong's unique market conditions. He also pointed out that Hong Kong's ETFs do not currently offer staking rewards, which could impact investor returns

Livio Weng, CEO of HashKey Exchange, mentioned that further discussions with regulators are needed to explore the inclusion of staking rewards, as these could be viewed as risky.