Million

Spot

<p>The post <a href="https://coinpedia.org/news/hong-kong-rocks-with-6-3-million-volume-in-spot-bitcoin-ether-etf-debuts-heres-the-scoop/">Hong Kong Unlocks $50 Billion Market with Spot Bitcoin &amp; Ethereum ETF Launch</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Hong Kong is making headlines in Asia’s financial scene with the recent launch of spot ETFs, according to local reports. This groundbreaking move introduces six ETFs, including three bitcoin and three ether ETFs, offering Asian investors a ticket into the exciting realm of digital assets.</p> 
<p>It certainly seems to be a global trend, right? </p> 
<p>In step with the United States, which unveiled its first spot bitcoin ETFs three months ago, this move signals a growing acceptance of digital assets in traditional financial markets worldwide.</p> 
<h2 class="wp-block-heading" id="h-hong-kong-etfs-to-break-records"><strong>Hong Kong ETFs to Break Records?!</strong></h2> 
<p>Initial expectations put Hong Kong’s Bitcoin and Ethereum spot ETFs between US$200 million to US$300 million, though the US saw $125 million on its first day. Nevertheless, all three bitcoin ETFs in Hong Kong gained over 2% on their debut trading day, hinting at a positive start.</p> 
<p>Bitcoin ETFs offered by China AMC, Harvest, and Bosera rose by 2.6% by lunchtime, showing early investor enthusiasm. However, ether ETFs remained stable during their first trading day, suggesting varying market attitudes.</p> 
<p>While Hong Kong’s spot cryptocurrency ETFs are new, the region’s previous crypto ETFs set a precedent. In late 2022, the CSOP Bitcoin Futures ETF and CSOP Ether Futures ETF gave investors futures contracts in crypto marketplaces. This predated spot cryptocurrency ETFs and showed early regional interest in crypto investment instruments.</p> 
<h2 class="wp-block-heading" id="h-crypto-impact-and-global-market-nbsp"><strong>Crypto Impact and Global Market&nbsp;</strong></h2> 
<p>In a recent X post, Jason Pizzino <a href="https://x.com/jasonpizzino/status/1785165490253680647">links </a>the Hong Kong Bitcoin ETF debut to the 50% level test and price decrease with increasing trading volume. It implies market weakness in the short term. If Bitcoin closes above $64,600, Pizzino sees a near-term turnaround. He warns that prolonged consolidation above key resistance levels must invalidate present weakness and imply a return to short-term strength.</p> 
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   <p lang="en" dir="ltr">The Hong Kong <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETF launched today. Perfect test of the 50% level and closed lower on increased volume. So far, this sign is indicating short-term weakness. However, a close above $64,600 would signify short-term strength. Therefore, the "dying out" saga continues as the… <a href="https://t.co/Q4Y3WSSomn">pic.twitter.com/Q4Y3WSSomn</a></p>— Jason Pizzino 
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f31e.png" alt="🌞" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@jasonpizzino) <a href="https://twitter.com/jasonpizzino/status/1785165490253680647?ref_src=twsrc%5Etfw">April 30, 2024</a>
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<h2 class="wp-block-heading" id="h-still-a-growing-player"><strong>Still a growing player…</strong></h2> 
<p>Despite the excitement surrounding these new ETFs, Hong Kong’s ETF market is smaller than that of the US. According to ETFGI, the US ETF industry had over 3,400 products with almost $9 trillion in assets by March 2024. Hong Kong’s market size even falls short of China’s, with the latter reaching a substantial $238 billion in 2023.</p> 
<p> In comparison, Bloomberg data analyst Jack Wang puts Hong Kong’s ETF market at $50 billion. </p> 
<p>However, spot cryptocurrency ETFs are promising for Hong Kong’s financial markets’ expansion and diversity.</p> 
<p><strong>Ready to dive into the world of crypto? Hong Kong’s new spot ETFs might be your perfect entry point.</strong></p>

Hong Kong Unlocks $50 Billion Market with Spot Bitcoin & Ethereum ETF Launch

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