With the debut of spot bitcoin and ethereum exchange-traded funds (ETFs) in Hong Kong trading on Tuesday, market observers are speculating about the potential demand for these ETFs in the region, reminiscent of the enthusiasm seen in the U.S. following the approval of 11 spot bitcoin ETFs on Jan. 10. Zhu Haokang, head of digital […] Original
Zhu Haokang : Based on the analysis of various factors, we believe that cryptocurrency ETFs will be beneficial to cryptocurrency prices. First, Hong Kong’s crypto spot ETF market injects more liquidity into the crypto market. Second, accelerate the compliance of the industry. Third, funding channels have been expanded. Fourth, investors may obtain arbitrage opportunities between ETF prices and spot prices, allowing more market makers and arbitrage investors to actively participate. Fifth, with the passage of our crypto spot ETF, trading factors in traditional markets will also directly affect the cryptocurrency…
Hong Kong is set to launch new Bitcoin and Ethereum ETFs tomorrow at 9:30 a.m. EDT, with an expected larger initial trading volume than in the United States. “I am very confident that the trading scale of the Hong Kong virtual asset spot ETF on the first day of listing can exceed that of the United States,” said Zhu Haokang, head of digital asset management and family wealth at Huaxia. The U.S. saw a first-day trading volume of $125 million across ten Bitcoin spot ETF issuers earlier this year, a…
Australia gears up for a crypto boom as the country’s largest securities exchange is poised to list its first spot-Bitcoin ETFs by the end of 2024. Australian Securities Exchange (ASX) is anticipated to greenlight the first spot Bitcoin exchange-traded funds (ETFs) for the main board by the end of 2024, following the previous approvals of such financial products in the U.S. and Hong Kong. According to a Bloomberg report, at least several issuers are already working on launching their products on ASX, including BetaShares, VanEck, and DigitalX. However, a specific…
Earlier this month, Australia-based Monochrome Asset Management applied for a spot bitcoin ETF with the global listing exchange, Cboe Australia, CoinDesk reported. Cboe Australia is a smaller rival of ASX. At the time of the announcement, Monochrome said it selected Cboe Australia because of its expertise across Asia and broader investor access, among other aspects. Source
Financial services firm Depository Trust and Clearing Corporation (DTCC) has announced it will not allocate any collateral or offer loans for ETFs with exposure to Bitcoin or other cryptocurrencies. As of April 30, during its annual line-of-credit facility renewal, the DTCC will adjust the collateral values for specific securities, potentially impacting their position values in the collateral monitor. The statement released on April 26 specified that ETFs and similar investment vehicles with Bitcoin or other cryptocurrencies as underlying assets would see their collateral value reduced to zero. However, crypto enthusiast…
PRESS RELEASE. Excitement is brewing in the heart of Asia as Hong Kong regulators pave the way for a new era of innovation with the recent approval of spot Bitcoin exchange-traded funds (ETFs). This groundbreaking development underscores Hong Kong’s commitment to becoming a regulated hub for Bitcoin. At the same time, the Bitcoin Conference is […] Source CryptoX Portal
BNY Mellon, the world’s largest custodian bank and the oldest in the U.S., has recently disclosed its investment in Bitcoin ETFs. According to an SEC filing, the bank is exposed to BTC ETFs offered by BlackRock and Grayscale, underscoring the growing institutional interest in cryptocurrencies. The U.S. SEC’s approval of 11 spot Bitcoin ETFs earlier this year marked a significant milestone for American crypto investors. This decision came after prolonged investor demand for such financial instruments. ETF anticipation and subsequent approval triggered a surge in the crypto market, propelling BTC…
The Spot Bitcoin ETFs have seen their demand drop since the start of this month, and this was again evident in the considerable outflows recorded on April 26. This poor run has had far-reaching effects on the broader crypto market as Bitcoin’s price has succumbed to unfavorable market conditions. Spot Bitcoin ETFS Record $217 Million Of Outflows Farside Investors revealed in an X (formerly Twitter) post that the Spot Bitcoin ETFs recorded $217 million of net outflows on April 25, one of their largest this month. Grayscale’s Bitcoin Trust (GBTC)…
The SEC is anticipated to deny applications for spot Ethereum ETFs following discouraging meetings with issuers. The U.S. Securities and Exchange Commission (SEC) is expected to reject applications for spot exchange-traded funds (ETFs) tied to the price of Ethereum, the second-largest crypto by market value. According to a Reuters report, U.S. financial firms don’t expect spot Ethereum ETF approval to happen in May, citing discouraging meetings with the watchdog in recent weeks. Thus far, VanEck, ARK Investment Management, and seven other issuers have submitted filings with the SEC to list…