According to Golden Finance’s report, as of the close of trading today, the total trading volume of the six Hong Kong virtual asset ETFs reached 25.1836 million Hong Kong dollars. Among them, the ChinaAMC Bitcoin ETF (3042.HK) performed outstandingly, with a trading volume reaching 16.61 million Hong Kong dollars. The trading volume of the Huaxia Ether ETF (3046.HK) was 4.47 million Hong Kong dollars. The trading volume of Harvest Bitcoin ETF (3439.HK) is HK $689,500. The trading volume of Harvest Ether ETF (3179.HK) was HK $364,100. The trading volume of Boshi HashKey Bitcoin ETF (3008.HK) reached 1.81 million Hong Kong dollars. The trading volume of the Boshi HashKey Ether ETF (3009.HK) was 1.24 million Hong Kong dollars.
Since April 30 this year, when the six virtual asset spot ETFs under Boshi HashKey, ChinaAMC and Harvest officially rang the bell for listing and began trading on the Hong Kong Stock Exchange, their market performance has been closely following. On the first day of listing, the total trading volume of these six ETFs was 87.58 million Hong Kong dollars (approximately 11.2 million US dollars), among which the trading volume of the ChinaAMC Bitcoin ETF (3042.HK) was 37.1684 million Hong Kong dollars, and that of the ChinaAMC Ether ETF (3046.HK) was 12.6635 million Hong Kong dollars. However, compared with the $4.6 billion trading volume of the US Bitcoin ETF on its first day, the trading volume of the Hong Kong virtual asset ETF was not outstanding at the beginning.
In the subsequent trading process, its trading volume showed a fluctuating and changing trend. For instance, on May 23rd, the trading volume even dropped below one million US dollars. However, it is worth noting that despite fluctuations in trading volume, as of May 23, 2024, the total asset management scale of the six Hong Kong virtual asset spot ETFs exceeded 300 million US dollars. Among them, the Bitcoin spot ETF held a total of 3,660 BTC, with a total net asset of 254 million US dollars. The total holdings of Ethereum spot ETFs stood at 13,800 ETH, with a total net asset value of 50.83 million US dollars, both showing a slight increase compared to the first day.
The trading situation of virtual asset ETFs in Hong Kong not only reflects the degree of investors’ participation in the cryptocurrency market, but is also closely related to the overall market conditions of the cryptocurrency market. When the prices of cryptocurrencies such as Bitcoin and Ethereum experience significant fluctuations, the trading volume of the corresponding ETFs is often affected as well. During periods when the price of Bitcoin rises or falls sharply, the trading volume of Bitcoin ETFs usually increases significantly. Investors attempt to seize the opportunities brought by market fluctuations or avoid risks through ETF trading.
From the perspective of the market participant structure, Hong Kong virtual asset ETFs have attracted a variety of groups, including professional investors, institutional investors, and retail investors. Professional investors, with their rich market experience and professional analytical capabilities, can often keenly capture market trends. Their trading decisions have a significant impact on the trading volume of ETFs. Due to the large amount of funds, institutional investors’ buying and selling operations will also drive the changes in ETF trading volume to a certain extent. There are a large number of retail investors. Although the amount of capital of each individual investor is relatively small, when combined, they can also have a non-negligible effect on the market. The investment strategies and risk preferences of different types of investors vary. Professional and institutional investors may pay more attention to long-term investment value and asset allocation, while retail investors may be more sensitive to short-term price fluctuations. These differences jointly shape the trading activity and trading volume of ETFs.
Looking ahead, as the cryptocurrency market continues to develop and investors’ understanding of virtual assets deepens, the trading volume of virtual asset ETFs in Hong Kong is expected to show new trends of change. On the one hand, if the cryptocurrency market continues to develop steadily and attracts more investors to enter the market, the trading volume of ETFs may grow steadily. On the other hand, changes in regulatory policies, the launch of innovative market products and other factors may also have an impact on the trading situation of ETFs.
For instance, if the regulatory authorities in Hong Kong further improve the regulatory policies related to virtual assets, enhance market transparency and standardization, it may boost investor confidence and promote an increase in ETF trading volume. The emergence of new financial products or trading tools may divert some funds and pose challenges to the trading volume of ETFs. All market participants are closely monitoring these developments to seize the investment opportunities in the Hong Kong virtual asset ETF market.
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