According to the latest report released by Kaiko, the competition for cryptocurrency spot ETFs is heating up globally. Last week, three asset management companies, Bosera, Harvest and Huaxia, launched Bitcoin and Ethereum spot ETFs in Hong Kong, China. The total volume of cryptocurrency spot ETFs in Hong Kong on the first day of trading was 12.70 million US dollars, which was significantly lower than the 4.60 billion US dollars of US bitcoin spot ETFs on the day of listing. However, it should be noted that the Hong Kong ETF market is many times smaller than the US market.
Moreover, despite charging 99 basis points, the Huaxia Bitcoin ETF saw the strongest trading volumes. Its Ethereum ETF attracted 23 per cent of total first-day volume, while its Bitcoin ETF accounted for a whopping 77 per cent. Overall, demand for cryptocurrency ETFs in the Asia-Pacific region appears to be strong. Hong Kong-based asset manager Yong Rong holds more than 1 million BlackRock IBITs, making it one of the largest assets in its portfolio, according to the first mandatory 13F filings with the US SEC disclosed last week.
Report: Global competition for cryptocurrency spot ETFs is heating up, with strong demand in Asia Pacific
2024-05-06 15:59:19
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