ChinaAMC (Hong Kong) Limited hosted a press briefing on April 29 to unveil its new Spot ChinaAMC Bitcoin ETF and Spot ChinaAMC Ethereum ETF, set to launch at 1:30 a.m. UTC (9:30 a.m. Hong Kong time) on April 30.

Foresight News reported that Zhu Haokang, who leads digital asset management and family wealth at ChinaAMC (Hong Kong), anticipates that the trading volume of their virtual asset spot ETFs on the debut day will exceed the $125 million benchmark achieved by ten US Bitcoin spot ETF issuers on January 10 of this year. Zhu also mentioned that ChinaAMC is aiming to set a record for the highest trading volume on the first day among the three issuers in Hong Kong.

China AMC is pretty confident that HK can outdo the US in bitcoin ETF flows and volume on Day One (which starts in a few hrs). Also says other regions like Singapore and Middle East could seek out the ETFs altho confirmed off limits for China mainland invs https://t.co/J2YwF9LMZU pic.twitter.com/TRXRNNthBC

— Eric Balchunas (@EricBalchunas) April 29, 2024

Today marked the official debut of six spot Bitcoin and Ethereum ETFs on the Hong Kong Stock Exchange, introducing Asia’s first spot crypto ETFs. This move is part of the region’s ongoing efforts to establish itself as a crypto hub.

The six new ETFs listed on Hong Kong Exchanges and Clearing Ltd., or HKEX are the Bosera HashKey Bitcoin ETF (3008.HK), Bosera HashKey Ether ETF (3009.HK), ChinaAMC Bitcoin ETF (3042.HK), ChinaAMC Ether ETF (3046.HK), Harvest Bitcoin Spot ETF (3439.HK), and Harvest Ether Spot ETF (3179.HK).

Sadly, the reality of today’s launch did not live up to pre-launch expectations:

Disappointing but still early days.

— Bitcoin Archive (@BTC_Archive) April 30, 2024

Sina G., Co-Founder and COO of 21st Capital, said there were $8.8 and $2.6 of inflows to the new Hong Kong-based spot Bitcoin ETFs spot Ethereum ETFs, respectively:

2/ Trading Volume

Bitcoin Spot ETF: $8.8 million
Ether Spot ETF: $2.6 million, 29% vs. Bitcoin

— Sinz 🗝️⚡ 21st.Capital (@Sina_21st) April 30, 2024

He went on to say:

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“These ETFs provide in-kind creation/redemption. You can deposit and withdraw Bitcoin, which is a major advantage. Investors in Mainland China are banned from buying these. As a result, compared to US volume (e.g., $1B for IBIT), these traded 100 times less. So, on the first day, at least, it shows a very small trading market. In the coming months, I do expect some mainland capital to find its way to HK ETFs through various loopholes.“

Eric Balchunas, a Senior ETF Analyst at Bloomberg, says the total trading volume for the six new ETFs was around $12.4 million:

East vs West: The US did $740m in assets and $4.6b in trading. These are far below that but if you adjust for the size of their mkt it is dif story: equiv of $25b+ and $1.6b, respectively. For context, China AMC’s bitcoin ETF is already among Top 20% biggest in that mkt after one…

— Eric Balchunas (@EricBalchunas) April 30, 2024

He went on to say:

“As I said in early tweets on HK, you have to understand it is 1/168th the size of the US. ‘What is this an ETF market for ants!?’ Yes, it is. That said, HK ETFs launched at a good time as the US was slowing, so their $141m+ in inflows will more than offset slightly negative US flows.“

Currently (as of 12:30 p.m. UTC on April 30), Bitcoin is trading at around $61,233, down 1.8% in the past 24-hour period:

As analyst “Crypto Rand” pointed out, Bitcoin seems to have its worst monthly close in sixteen months:

Featured Image via Unsplash

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• Source: https://www.cryptoglobe.com/latest/2024/04/bitcoin-on-track-for-its-worst-monthly-close-in-16-months-after-launch-of-hk-btc-and-eth-etfs-disappoints/