Hong Kong's newly approved Bitcoin and Ether exchange-traded funds (ETFs) have faced challenges since their introduction in early 2024. The ETFs have had low trading volumes and struggled to gain traction, casting doubts on Hong Kong's ambition to become a premier hub for digital assets. The lack of investor interest indicates the need for more comprehensive education and regulatory improvements in Hong Kong [9ca37c13].
In contrast, the Bosera HashKey Virtual Asset ETFs in Hong Kong have achieved a historic breakthrough, with their total assets under management (AUM) surpassing $110 million for the first time. The Bosera HashKey Ether ETF (3009.HK) has over 6,000 management scale exceeding $90 million. Bosera HashKey has been involved in the global blockchain and cryptocurrency ecosystem since 2015 and has gained a first-mover advantage in the convergence of traditional finance and Web3 [a807ed85].
The approval of six spot Bitcoin and Ether ETFs in Hong Kong has still generated excitement and optimism among investors. These ETFs have already amassed a total of nearly $200 million in assets under management (AUM) for Bitcoin and about $28 million for Ether. While the ETFs still lag behind their US counterparts in terms of asset collection, the initial response from investors indicates a strong interest in cryptocurrencies [f2937b9e] [9ca37c13].
The performance of Hong Kong's Bitcoin and Ethereum ETFs has raised doubts about the city's ambition to become a premier hub for digital assets. It highlights the need for more comprehensive education and regulatory improvements to attract and retain cryptocurrency investors. Hong Kong's crypto economy will need to address these challenges to fulfill its potential as a leading player in the digital asset space [9ca37c13].
According to recent data, the Hong Kong spot ETF for Ethereum has recorded low activity. On May 22, the net subscription for the ETF was only 62.8 ETH, with a total volume of single-day transactions amounting to $390,300. This indicates severely low levels of participation and suggests potential challenges or a lack of investor confidence in this specific ETF offering. The low activity contrasts with the broader enthusiasm for Ethereum globally [0b85ef6a].
In a global wave of Bitcoin ETF listings, Australia's main stock market is set to list its first Bitcoin ETF. The VanEck Bitcoin ETF made its historic debut on June 20 on Australia's primary stock exchange, fulfilling investor demand for cryptocurrency exposure in the wake of a rebound in market interest. The VanEck Bitcoin ETF made its debut on the Australian Securities Exchange (ASX) with assets of about A$990,000 ($660,429). It will invest in the U.S.-listed VanEck Bitcoin Trust, allowing Australian investors to obtain Bitcoin indirectly without possessing the cryptocurrency. Interest in bitcoin ETFs has increased globally since US regulators approved similar products in January. The launch of the VanEck Bitcoin ETF on the ASX follows the trend, coinciding with the positive performance of the bitcoin market. While some bitcoin ETFs are available on a rival exchange, the VanEck Bitcoin ETF is the first to launch on the main ASX market [a4b02868].
Other Australian firms, including BetaShares Holdings and DigitalX, are also preparing to list on the ASX. Bitcoin is currently trading below $66,000 and has experienced significant market volatility, with over $130 million in liquidations in the past 24 hours [078f2936].