As a researcher with a background in cryptocurrencies and financial markets, I find the recent launch of Bitcoin and Ethereum ETFs in Hong Kong an intriguing development. The initial trading volumes were relatively low compared to the U.S. counterparts, but Bosera Hashkey’s significant holdings have sparked interest among market participants.
On Tuesday, April 30, the long-anticipated Bitcoin and Ethereum ETFs linked to cryptocurrencies made their debut in Hong Kong’s markets, signifying a significant milestone following the U.S.’s initiation of Bitcoin ETF trading. Unfortunately, the crypto ETFs experienced a subdued beginning, with only $12 million worth of trades recorded on their inaugural day.
Among Asian crypto market enthusiasts, there is a great deal of buzz and conjecture regarding the prospective achievement of these cryptocurrency exchange-traded funds (ETFs) in the coming months. In this fervor of anticipation, Bosera Hashkey, a Hong Kong-based ETF provider, has garnered substantial notice due to its substantial holdings of Bitcoin and Ethereum.
Arkham Reveals Bosera HashKey’s BTC & ETH Holdings
Significantly, according to data from Arkham, the blockchain analytics platform, Bosera Hashkey ETFs were found to hold an impressive 964 Bitcoin, equivalent to around $59 million, and 4,290 Ethereum, valued at approximately $12.94 million. This substantial investment surpassed today’s trading volume, adding fuel to the fire of crypto investor speculation.
Noted is the significant trading volume of approximately $4.6 billion on the debut day for US-listed Bitcoin ETFs, a figure dwarfing that of Hong Kong’s Bitcoin ETF providers. Prominent ETF service providers in the US hold more Bitcoin than their counterparts in Asia. Despite this, Asian crypto enthusiasts express optimism regarding today’s launch of Bitcoin and Ethereum ETFs.
At the same time, it’s important to note that after the Bitcoin ETF began trading in the United States, Bitcoin’s value experienced a remarkable increase. In contrast, Bitcoin’s price in Asia saw minimal fluctuations due to lower trading volumes.
Just like the ETH ETF didn’t significantly impact Ethereum’s price movement, fueling further debate among traders.
BTC & ETH Prices Slip
As of now, Bitcoin’s price decreased by 2.32% within the last 24 hours and is currently valued at $61,321. On the other hand, Ethereum experienced a decline of 4.57% over the same period and now stands at $3,024.
The drop in Bitcoin (BTC) and Ethereum (ETH) prices largely follows the broader market’s recent downward trend, but it contrasts Bitcoin’s price increase after the U.S. approval of Spot Bitcoin ETFs. Cryptocurrency investors believe that an influx of new investors from Asia will gradually boost the markets as BTC and ETH ETFs become available, potentially leading to further price growth for both tokens.
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2024-04-30 18:42