Bitcoin

Spot

Grayscale Bitcoin Trust

Spot <a href="https://insidebitcoins.com/news/bitcoin-price-prediction-bloomberg-analyst-says-hong-kong-btc-etfs-will-be-lucky-to-get-500m-as-this-learn-to-earn-crypto-ico-races-towards-1m" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs (exchange-traded funds) to be launched in Hong Kong will “be lucky” to raise $500 million in the city’s “tiny” ETF market, said Bloomberg ETF analyst Eric Balchunas.
Balchunas shot down predictions that the approvals of spot Bitcoin ETFs would lead to a $25 billion injection into the crypto space, calling them “insane” in an Apr. 15 <a href="https://twitter.com/EricBalchunas/status/1779867078603718970" rel="noopener noreferrer nofollow">post</a>&nbsp;on X.
He said the BTC ETFs are likely to be launched next week.
 <img decoding="async" src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/9e45fde9529040188942549c4292ecd4.png" alt="Hong Kong crypto industry gains momentum with China's state-affiliated banks | CoinMarketCap">
<h2 id="span-style-font-weight-400-market-for-bitcoin-etfs-in-hong-kong-tiny-compared-to-us-span">Market For Bitcoin ETFs In Hong Kong “Tiny” Compared To US</h2>
Balchunas says the Hong Kong ETF market is “tiny” compared to the US, and that Chinese investors won’t, at least legally, have access to them.
The ETF issuers that received approval in Hong Kong are also dwarfed by “big fish” asset managers such as BlackRock, which currently has over $9 trillion in assets under management, said Balchunas. 
“US spot Bitcoin ETFs have more assets than the entire HK ETF market,” the analyst said in a follow-up post on X.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Stat of the Day: US spot bitcoin ETFs have more assets than the entire HK ETF market. <a href="https://t.co/sQ1VMUhKFI" rel="noopener noreferrer nofollow">https://t.co/sQ1VMUhKFI</a>
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1779887591682097165?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 15, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 US spot Bitcoin ETFs also charge “dirt cheap fees” that are much lower than the approximate 1-2% fees that the Hong Kong-based funds are expected to implement, Balchunas added.
“Other countries adding btc ETFs is no doubt additive but it’s nickel-dime compared to the mighty US market,” he said.
<h2 id="span-style-font-weight-400-blackrock-s-ibit-continues-to-lead-the-us-market-span">BlackRock’s IBIT Continues To Lead The US Market</h2>
<a href="https://insidebitcoins.com/news/blackrock-ceo-larry-fink-says-an-ethereum-etf-is-possible-even-if-eth-is-a-security-very-bullish-on-bitcoin" rel="noopener noreferrer nofollow">BlackRock</a> maintained its dominance in the US ETF market after its spot Bitcoin ETF (IBIT) was the only fund to record inflows over the <a href="https://farside.co.uk/?p=997" rel="noopener noreferrer nofollow">past 2 days</a>.
 IBIT posted net inflows of $73.4 million on Apr. 15, whereas the Grayscale Bitcoin Trust (GBTC) recorded outflows of $110.1 million.
The 10 US spot Bitcoin ETFs suffered net outflows on Apr. 14 and Apr. 15 of $55.1 million and $36.7 million, respectively.
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Bitcoin ETFs Will Be Lucky To Raise $500M In Tiny Hong Kong Market, Bloomberg ETF Analyst Says

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Inside Bitcoins

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