As an experienced ETF industry analyst, I find the recent launch of six cryptocurrency ETFs in Hong Kong by China AMC, Bosera, and Harvest Global to be an interesting development in the crypto space. The brief surge in Bitcoin’s price upon their debut is a clear indication of the demand for such products among investors.
This morning, six cryptocurrency Exchange-Traded Funds (ETFs) commenced trading in Hong Kong, offered by China Asset Management Company, Bosera Asset Management, and Harvest Global Investments. Their debut caused Bitcoin‘s price to reach a peak of $64,555 during the session.
In a Bloomberg interview recently, Yimei Li, the CEO of China Asset Management, expressed her hope that these new offerings will enable mainland Chinese investors to access the cryptocurrency market.
As an industry analyst focusing on the ETF sector, I would point out that mainland Chinese investors face restrictions that limit their ability to purchase Hong Kong’s spot market. Consequently, it is expected that their inflows into Hong Kong-listed ETFs will be more modest due to the comparatively smaller size of this market.
In the past, China held a significant position in Bitcoin trading volume. Nevertheless, it took stern measures against crypto exchanges and Initial Coin Offerings (ICOs) in the year 2017 to curb financial risks and combat illicit activities. More recently, in 2021, China intensified its crackdown on cryptocurrency mining operations.
Han Tongli, the CEO of Harvest Global, has forecasted that the exchange-traded fund (ETF) market will become progressively accessible to investors based in mainland China.
Ethereum‘s big test
Eric Balchunas, Bloomberg’s senior ETF analyst, expressed that the introduction of cryptocurrency ETFs in Hong Kong would enable analysts to obtain an unobscured perspective on the relative popularity of Ether versus Bitcoin within the ETF framework.
Balchunas has predicted that Ethereum ETFs will account for a total of 10% of the total inflows.
As a crypto investor, I’ve been keeping a close eye on the Ethereum ETF situation. The anticipation is high that the U.S. Securities and Exchange Commission (SEC) will turn down several Ethereum ETF applications next month. In fact, just last week, one of Ethereum’s major backers, Consensys, took legal action against the SEC by filing a lawsuit.
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2024-04-30 11:13