In the midst of the lively anticipation sparked by the authorization of Bitcoin and Ethereum Spot ETFs in Hong Kong, Bloomberg Intelligence analyst Eric Balchunas took to social media to underscore the remarkable expansion of these investment funds in the US market.
US Bitcoin ETFs Assets Surpasses Hong Kong’s
Based on information from Eric Balchunas, the total value of assets in US Bitcoin Spot ETFs surpasses the entire Hong Kong ETF market. This revelation underscores the significant surge in American investors’ fascination with Bitcoin financial instruments.
The data underscores the increasing acceptance and assimilation of cryptocurrencies into mainstream finance. This development signifies a significant change in investor sentiment and financial planning strategies within the dynamic cryptocurrency sphere.
Balchunas’ report aligns with James Seyffart’s post, further emphasizing the United States’ leading role in the Bitcoin Exchange-Traded Fund (ETF) market. According to Seyffart, more Bitcoins are held in US-listed BTC ETFs than in any individual Hong Kong-listed ETF.
A Bloomberg analyst pointed out that the US ETF market is worth approximately $9 trillion, significantly more than Hong Kong’s entire ETF market, which is only $50 billion. In contrast, Mainland China boasts an ETF market valued at around $325 billion, highlighting the vast difference in size between the two markets.
The post read:
The US ETF market holds nearly $9 trillion in assets, which is equivalent to one thousand billion dollars. In contrast, the Hong Kong ETF market amounts to only $50 billion, while mainland China’s ETFs reach $325 billion. These figures illustrate vast distinctions in scale and influence.
In reaction to a pseudonymous X user’s suggestion for investors to heavily short Ethereum based on anticipated approval of Bitcoin and Ethereum ETFs in Hong Kong by April 15, Seyffart countered with his claims.
Although the user considers this development as potentially game-changing for the market, Seyffart views it as relatively insignificant at present. Yet, he holds the opinion that its significance could become more apparent over an extended period.
In clear terms, Seyffart made it clear that his viewpoint doesn’t diminish the significance or possibility of these ETFs becoming major players in the Asian market for accessing digital assets through traditional financial channels (TradFi). Nevertheless, their influence may not be as considerable as a launch in US markets.
Most BTC ETF Issuers Saw Zero Inflow
Recently, there’s been a significant drop in investor attention towards US Exchange-Traded Funds (ETFs). As recent as Monday, Farside reported that BlackRock’s Bitcoin ETF was the sole fund to attract investments over the last two days, while all other ETFs experienced no or minimal inflows.
On Monday, according to Farside’s data, Blackrock’s IBIT brought in approximately $73.4 million, while other firms reported zero net inflows. In contrast, Grayscale experienced around $110 million in outflows.
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2024-04-16 13:11