The Hong Kong Spot Bitcoin and Ethereum ETFs have seen $11 million in volume on what was their first trading day according to data from the Hong Kong Stock Exchange. Indeed, the six inaugural offerings for the Chinese regions officially debuted early Tuesday. Of the product’s issuers, ChinaAMC led all Spot Bitcoin ETFs with $4.75 million.
Comparatively, the United States Spot Bitcoin ETF approval saw $4.6 billion in volume on its first day of trading. However, those circumstances are very different in terms of who has access to the trading of the investment products. Still, it remains a landmark moment for the digital asset market overall.
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Hong Kong Bitcoin and Ethereum ETF First Trading Day Sees $11 Million Volume
Throughout this year, the digital asset industry has seen increased interest in crypto ETFs. That was driven by the product’s approval in the United States. The Newborn Nine, as they have been called, have proven tremendously successful.
Moreover, they have proven important to the value of Bitcoin overall. In March of this year, Bitcoin reached an all-time mark of $73,000. Now, Hong Kong has seen its recently approved Spot Bitcoin and Ethereum ETFs record $11 million on its first trading day.
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Overall, there were six Bitcoin and Ether ETFs that saw a debut take place early Tuesday. Those arriving investment offerings were managed by China Asset Management, Harvest Global, Bosera, and HashKey. Among them, ChinaAMC was proven to be the most successful, with the ETF gaining 1.53% at the close.
The outcome is rather underwhelming when compared to the United States volume on its first trading day. However, there is still the reality that mainland China’s investors do not have access to the investment offerings. Still, the arrival of Hong Kong’s offering is a massive development for the industry as a whole.