The launch of crypto exchange-traded funds (ETFs) in Hong Kong fell short of expectations, with trading volumes significantly lower than anticipated.
Trading volume for Hong Kong’s crypto ETFs totaled just over $11 million, with bitcoin ETFs accounting for $8.5 million and ether ETFs for $2.5 million. This figure paled in comparison to initial projections, which had suggested volumes exceeding $100 million, as reported by local media.
While Hong Kong allows ether ETFs in its market, regulators in the Chinese territory do not share the same concerns about ether being classified as a security, unlike their counterparts in the U.S.
In contrast, the launch of a U.S. ether ETF faces delays due to regulatory uncertainty. The Securities and Exchange Commission (SEC) has not provided clarity on whether ether qualifies as a security, causing postponements in listing such ETFs.
Ether ETFs are already listed on the Toronto Stock Exchange through issuers like Evolve and Purpose Investments.
On the first day of trading in the U.S., the total volume for ether ETFs reached $655 million. Meanwhile, bitcoin prices experienced a slight decline of over 1%, trading near $62,100, according to CoinDesk Indices data.
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Source: https://cryptocurrencynews.com/hong-kong-bitcoin-and-ether-etfs-debut-with-low-activity/
