Bitcoin ETF

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The spot <a href="https://coingape.com/tag/ethereum-etf/">ether exchange-traded funds (ETFs)</a> launched by Chinese fund manager ChinaAMC witnessed a significant surge in daily inflows, recording more than HK$5 million (US$640,780) as of mid-day Wednesday. This follows an impressive inflow of HK$3.77 million on Tuesday, marking the largest since the ETF’s inception. This uptick in investment activity comes as investors speculate on potential US approval of similar products. Tuesday’s net inflows alone reached HK$3.77 million, showcasing heightened investor interest. 
<h2 id="surge-in-crypto-etf-investments-in-hong-kong">Surge In Crypto ETF Investments in Hong Kong</h2> 
Hong Kong’s Ether ETFs have recorded their highest daily inflow since their launch, signifying a pivotal moment in the region’s evolving crypto market. On Monday, May 20, Hong Kong’s Bitcoin ETFs also reported positive inflows totaling $6.62 million. These <a href="https://coingape.com/tag/bitcoin-etf/">Bitcoin ETFs</a> now hold 3,660 Bitcoins after just 13 days of trading, with total net assets reaching approximately $246 million and a total value traded of $2.78 million. The spot Bitcoin ETF inflows were led by Bosera &amp; HashKey with $6.29 million (95 BTC), followed by China AMC with $7.09k (0.11 BTC), and Harvest with $321k (4.85 BTC). This notable surge underscores the increasing institutional interest and confidence in Bitcoin ETFs within <a href="https://coingape.com/tag/hong-kong/">Hong Kong’s</a> financial markets. 
Despite this growth, the turnover of Hong Kong’s spot crypto ETFs has been relatively low on most days since their launch. Compared to the US, where spot Bitcoin ETFs were approved in January and enjoy much higher trading volumes, Hong Kong’s market remains modest. While ETFs are seen as crucial for attracting mainstream investors to volatile virtual assets and potentially boosting prices, the initial impact of Hong Kong’s ETF launches on the global <a href="https://coingape.com/glossary/cryptocurrency/">cryptocurrency</a> market has been “muted.” Analysts note that Hong Kong’s ETF market is significantly smaller than that of the US. 
Also Read: <a href="https://coingape.com/shiba-inu-coin-burn-rate-soars-570-amid-rally-wheres-shib-price-heading/">Shiba Inu Coin Burn Rate Soars 570% Amid Rally, Where’s SHIB Price Heading?</a> 
<h2 id="anticipation-of-us-sec-s-eth-approval-and-market-impact">Anticipation of US SEC’s ETH Approval and Market Impact</h2> 
Bloomberg Intelligence ETF analysts <a href="https://coingape.com/spot-ethereum-etf-bloomberg-analysts-raise-approval-odds-to-75/amp/">Eric Balchunas</a> and James Seyffart on Tuesday raised the estimated probability of the SEC approving ether ETFs from 25% to 75%, indicating a potential shift in the regulatory body’s stance. This development has sparked considerable interest and optimism within the market. 
Currently, the price of <a href="https://coingape.com/price/ethereum">Ethereum (ETH)</a> stands at $3,748.40, with a 24-hour trading volume of $31.7 billion. This marks a 2.42% price increase over the past 24 hours and a substantial 29.16% increase over the past week. With a circulating supply of 120 million ETH, Ethereum’s market cap has reached $450.3 billion. 
The SEC is expected to make a decision on at least one of the ether ETF applications by May 23. This decision is highly anticipated as it could significantly influence the market dynamics and investor sentiment towards ether ETFs, not only in the US but globally. 
Also Read: <a href="https://coingape.com/dont-fomo-the-bitcoin-btc-price-consolidation-is-still-not-over/">Don’t FOMO, the Bitcoin (BTC) Price Consolidation Is Still Not Over</a> 
The post <a href="https://coingape.com/hong-kong-ether-etf-see-highest-daily-inflow-since-launch/">Hong Kong Ether ETFs See Highest Daily Inflow Since Launch</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Hong Kong Ether ETFs See Highest Daily Inflow Since Launch

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