Hong Kong – Bitcoin (BTC) has experienced a 2.8% increase in the last 24 hours, reaching a trading value above $66,500, while ether (ETH) has also seen a rise to $3,240, as reported by CoinDesk Indices data. This surge comes as several issuers in Hong Kong have announced their approval for spot crypto exchange-traded funds (ETFs).
Among the organizations that have shared their approval for listing spot bitcoin and ether ETFs on the social media platform WeChat (Weixin) are China Asset Management, Bosera Capital, and others. Despite these declarations, there has been no official statement from the Securities and Futures Commission (SFC) confirming the approval, as they have not released a list of authorized issuers. Some of the initial announcements have even been removed from the platform.
Efforts to reach the SFC for comment have been unsuccessful, as they have not responded to emails or phone calls. However, Singapore-based digital assets trading house QCP Capital has expressed optimism about the potential impact of these approved ETFs, especially in terms of unlocking institutional demand during Asian trading hours.
QCP Capital highlighted the significance of providing an Asia-based alternative for institutional investors seeking exposure, moving away from the previous reliance on US trading hours. While they anticipate a positive short-term effect, they also noted the importance of considering broader narratives and macro events that may influence the market dynamics.
Overall, the approval of spot bitcoin and ether ETFs in Hong Kong has generated excitement and speculation among market participants, with many looking forward to the potential opportunities these developments may bring. The evolving landscape of cryptocurrency trading in Asia continues to attract interest and investment, as institutional players explore new avenues for diversification and growth in the digital assets sector.