The AUM of Hong Kong's virtual asset spot ETF has dropped 3% from its first day, falling to 2.223 billion Hong Kong dollars
According to Ming Pao, the Hong Kong spot ETF for virtual assets has gone through 12 trading days since its issuance, with little change in overall AUM. Data from HKEX shows that the total AUM once rose to a maximum of HKD 25.2 billion and was at HKD 22.23 billion last Friday, down 3% from the first day. Among them, only Huaxia Bitcoin ETF's AUM scale reached HKD 1 billion; Harvest Ethereum (3179) had the lowest AUM among the six, about HKD 56 million as of last Friday. In addition, Bitcoin ETFs accounted for 85% of total asset value and Ethereum ETFs accounted for 15%, reflecting that Bitcoin is still the mainstream virtual currency. Moreover, after reaching a turnover of HKD87.61 million on their first day of trading, these six ETFs weakened with an average daily turnover around HKD41.03 million.
Data shows that among fund companies issuing spot cryptocurrency ETFs, Huaxia has most market makers; as of May 8th and priced in Hong Kong dollars: there are seven market makers for Huaxia Bitcoin; Bosera HashKey Bitcoin (3008) and Harvest Bitcoin (3439) have six and four respectively; only Huaxia bitcoin has RMB counter set up by market maker.
Kaiko's data analysis platform reports that competition for crypto spot ETFs is heating up globally but Hong Kong's market is much smaller than US', leading to a gap between initial trading volumes in both regions - however demand seems strong across Asia-Pacific region overall . Wang Junjie , partner at Yicai Investment Fund believes changes in AUM are minimal mainly due to liquidity not being fully released yet - if mainland investors were allowed to purchase via Stock Connect program it would greatly increase liquidity . He also pointed out if future Ethereum EFT could innovate to generate income from Proof of Stake (PoS) pledges, it would be a global first and attract many Ethereum holders to invest and trade, leading to significant growth in AUM and trading volume.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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