Hong Kong’s crypto EFTs post merely $11 million in trading volume

abdelaziz Fathi

Hong Kong is opening up new possibilities for Chinese investors with the launch of spot crypto exchange-traded funds (ETFs) on their stock market.

Starting April 30, these ETFs will focus on Bitcoin and Ether and are initially available only to Hong Kong residents.

Yimei Li, CEO of China Asset Management—one of the three companies issuing these ETFs—told Bloomberg that these ETFs offer a fresh investment opportunity for mainland Chinese investors with RMB. This could eventually allow Chinese investors to participate in the future despite the ongoing ban on crypto trading in mainland.

The anticipation surrounding the ETFs was heightened by speculations from industry players like Matrixport, which suggested demand from Chinese investors could reach $25 billion. However, a recent report by Wu Blockchain indicated that “southbound funds”—investments from mainland China—would be restricted from accessing these ETFs.

China, which banned the trading and mining of cryptocurrencies in 2021, remains one of the world’s most restrictive countries regarding digital assets.

Alongside China Asset Management, Harvest Global Investments and Bosera Asset Management are also rolling out crypto products on the Hong Kong Stock Exchange. Han Tongli, CEO of Harvest Global, pointed out that regulators are closely monitoring these ETFs to address any risks before possibly opening up the market further.

The much-hyped launch of Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) in Hong Kong didn’t quite hit the mark on their first day of trading, pulling in just $11 million combined. This was way below the expected $100 million, with Bitcoin ETFs making up $8.5 million of that and Ether ETFs at $2.5 million.

Unlike in the U.S., where there’s ongoing uncertainty about Ether’s status as a security, Hong Kong’s regulators are more open, allowing these ETFs to go ahead without the same legal headaches. However, Canada has been ahead of the curve with Ether ETFs available in Toronto through companies like Evolve and Purpose Investments.

Read this next


Top Bullish Crypto: Fetch.ai & Pepe Coin Price Surge, But BlockDAG Sees Investor Rush as X Series Miners Stand Out

Compare Fetch.ai (FET) Bull Run, Pepe Coin price, and top bullish crypto BlockDAG. Discover why BlockDAG’s innovation and growth potential make it the best choice.

Digital Assets

Coinbase resumes XRP trading in New York after nine-month hiatus

Coinbase has resumed trading for XRP in New York, the company’s chief legal officer, Paul Grewal, announced on Thursday. This comes after a nine-month suspension of the cryptocurrency on the exchange due to regulatory scrutiny.

Institutional FX

Swissquote joins Fortex Hub to expand liquidity distribution

ECN trading platform and technology provider, Fortex Inc. has announced a new integration with Swissquote Group, Switzerland’s provider of online trading services.


Multipool Enters Partnership with Mobilum Offering Users Fiat to DeFi On/Off Ramp

Multipool, a leading innovator in the blockchain and cryptocurrency industry announces a corporate partnership with Mobilum.

Retail FX

IC Markets taps TipRanks’ trading research tools

Sydney-based IC Markets has completed integration of TipRanks’s rating tools, which ranks analysts and financial bloggers based on their picks’ performance analysis, in a bid to provide its clients with new research capabilities.

Digital Assets

Gate.io shelves plan to operate in Hong Kong

Gate Digital Ltd (Gate HK) announced it is winding down operations and has withdrawn its application for a crypto trading platform license in Hong Kong.


Sui and Mesh Combine Forces to Bring Simplified Transactions Across the Sui Ecosystem

With the addition of the Mesh platform, Sui Wallet will achieve product parity with the world’s largest self-custody wallets, while Mesh now natively supports the SUI token

Market News, Tech and Fundamental, Technical Analysis

EURGBP Technical Analysis Report 23 May, 2024

EURGBP currency pair can be expected to rise further toward the next resistance level 0.8560.

Digital Assets

Bybit denies financial woes and hacking rumors

Ben Zhou, CEO of Dubai-based cryptocurrency exchange Bybit, has refuted circulating rumors that the platform has been hacked or is insolvent. Zhou addressed the speculations in a post on the social media platform X.