Ten financial institutions are gearing up to introduce spot Bitcoin ETFs in Hong Kong. Additionally, spot Ethereum ETFs are expected to debut before similar offerings in the United States.
Regulatory approval in Hong Kong has sparked plans for spot Bitcoin ETFs and spot Ethereum ETFs in the burgeoning crypto market. Applications for spot Bitcoin ETFs are progressing quickly. Recent reports indicate that Hong Kong might introduce spot Ethereum ETFs before the United States does.
Spot Bitcoin and Ethereum ETF Plans Gain Momentum
Rise of Spot Bitcoin ETF Applications in Hong Kong: Ten financial institutions, including Harvest Finance, are currently processing applications for spot Bitcoin ETFs in Hong Kong. The industry is urging swift approval, especially for spot Ethereum ETFs, as reported by local media on March 11.
Impact of Spot Bitcoin ETF Approvals in the United States: Following the approval of 11 spot Bitcoin ETFs in the United States, Bitcoin and crypto adoption have accelerated. Net inflows have surpassed $9.5 billion, and total assets under management (AUM) have exceeded $55 billion. Notably, the Bitcoin holdings of BlackRock Bitcoin ETF have even surpassed those of Michael Saylor’s MicroStrategy.
Spot Ethereum ETF Plans and Regulatory Delays in the United States: In response to rising adoption in Hong Kong and regulatory support, preparations for launching spot Ethereum ETFs in the U.S. are underway. However, the U.S. SEC recently delayed applications from BlackRock and Fidelity for spot Ether ETFs, with experts anticipating approval by the end of May. Hong Kong aims to take the lead amidst uncertainty surrounding Ethereum ETFs in the U.S.
Potential Implications of Delayed Launch: Weng Xiaoqi, COO of HashKey Group, noted that the delayed launch of spot ETFs could delay U.S. capital from entering the market by six months. This delay could result in higher purchase costs and entry points, as well as the risk of being locked in by U.S. capital.
Bitcoin Market Update: New Highs Amidst ETF Demand
Fueled by demand from spot Bitcoin ETFs in the U.S. and Bitcoin ETPs and ETNs in Europe, the price of Bitcoin surged to a new all-time high (ATH) of $70,000 last week.
Two Bitcoin futures ETFs in Hong Kong also experienced new highs during the crypto market rally. The Southern Bitcoin ETF reached a peak of 27.5 yuan last week, which is 2.5 times higher than the listing price. Similarly, the Samsung Bitcoin ETF hit a high of 26.8 yuan, marking a 2.2 times increase from the listing price.
Bitcoin is currently trading at $68,754 after a slight pullback due to profit booking. Meanwhile, Ethereum’s price sits at $3,854, retracing from its recent peak of $4,000 last week.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
