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Bitcoin ETF

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<p class="is-style-lead">Bloomberg analyst Eric Balchunas commented on the news about the approvals of Hong Kong spot ETFs.</p>
<p>Balchunas admitted that the spot ETF has been approved but has not yet been launched. The listing is expected to occur next week; however, all issuers are ‘small fish’ compared to <a href="https://crypto.news/tag/BlackRock/" target="_blank" rel="noopener noreferrer nofollow">BlackRock</a>.</p>
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   <p lang="en" dir="ltr">Latest on HK spot Bitcoin ETFs: They have been approved to exist but not launch (yet). Rumor has it launching next wk so to not compete w Dubai conf. Don't expect a lot of flows (I saw one estimate of $25b that's insane). We think they'll be lucky to get $500m. Here's why: <br>1. HK…</p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1779867078603718970?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">April 15, 2024</a>
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<p>Additionally, the Hong Kong spot Bitcoin ETF ecosystem is less liquid than that of the U.S., meaning there will be spreads and discounts. As a result, spot <a href="https://crypto.news/tag/etf/" target="_blank" rel="noopener noreferrer nofollow">ETF</a> fees will be higher than the U.S. at 1% to 2%.</p>
<p>Balchunas explained that all the factors will benefit Bitcoin since the cryptocurrency industry will have more investment opportunities.</p>
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 <p>“I’m just saying its child’s play vs U.S. Also long-term some of this could go away: more liquid, tighter spreads, lower fees and bigger issuers involved. But short/medium term we have more moderate expectations. That’s all.”</p> <cite>Eric Balchunas, Bloomberg analyst</cite>
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<p>On April 15, several management companies <a href="https://crypto.news/hong-kong-approves-spot-bitcoin-ethereum-etfs-by-bosera-and-hashkey/" target="_blank" rel="noopener noreferrer nofollow">reported</a> receiving permission from regulators to launch spot ETFs for <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://crypto.news/tag/Ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> in <a href="https://crypto.news/tag/Hong-Kong/" target="_blank" rel="noopener noreferrer nofollow">Hong Kong</a>. Unlike the United States, where similar funds were launched only for Bitcoin in January, Hong Kong companies were simultaneously <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="noopener noreferrer nofollow">approved</a> to launch funds for the two largest crypto assets.</p>
<p>Major Chinese asset management company China Asset Management said its Hong Kong unit has received approval from the Hong Kong Securities and Futures Commission (<a href="https://crypto.news/tag/SFC/" target="_blank" rel="noopener noreferrer nofollow">SFC</a>) to provide retail asset management services related to spot crypto ETFs. Two funds from Harvest Global Investments have also received in-principle approval from the SFC.</p>
<p>You might also like: <a href="https://crypto.news/bitcoin-dominance-high-etfs/" rel="noopener noreferrer nofollow"> Bitcoin dominance back at 2021 high, boosted by ETFs </a></p>

Bloomberg analyst calls Hong Kong spot ETF approval ‘child’s play’

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