ETF Bitcoin And Ethereum Spot Officially Traded On Hong Kong

Bitcoin ETF is available on the Hong Kong stock exchange. (Photo; Doc. Ledger Insight)

JAKARTA - Hong Kong's stock exchange officially launched Bitcoin and Ethereum exchange-Trad Funds (ETF) trading spot on May 1 yesterday. With this launch, Hong Kong introduced financial products that allow investors to participate directly in crypto assets without the need to physically own these digital assets.

At 09.30 local time, the world's first spot of Bitcoin ETF and Ethereum began trading, marking a new era in investment portfolio diversification and crypto asset accessibility. According to HKEX, 14 new funds have been listed, showing significant interest from the investment community.

These products were recorded by three leading ETF publishers: China Asset Management, Bosera Asset Management, and Harvest Global Investments, with stock code CAM, BOS, and HGI. Head of equity product development on the Hong Kong Stock Exchange, Brian Roberts, stated that this is just the beginning of new possibilities that will be explored in the future.

Zhu Haokang from China Asset Management is optimistic that the launch in Hong Kong will surpass a similar achievement in America, with an initial recording scale of the virtual spot asset ETF estimated at more than $125 million (approximately IDR 2.031.875 billion). Meanwhile, Wayne Huang of the ETF OSL observed that transactions on the first day had exceeded the capital flow of the American Bitcoin spot ETF.

Market analysis by Willy Woo shows that Asia has a larger number of crypto users compared to the US and European markets. The Gabor Gurbacs of PointVille added that the competition for Bitcoin ETF between the East and West is heating up, with Hong Kong not launching a crypto ETF without approval from China.

In this context, ETF analyst Eric Balchunas revealed that this is the first chance to see Ethereum's relative popularity compared to Bitcoin in ETF format.

Responding to this launch, the price of Bitcoin had reached an intraday high of $64.555 but then dropped to $63.400. Ethereum, whose spot ETF is highly anticipated, also reached an intraday high of $3.244 before dropping to $3.148. Despite this price fluctuation, it is still too early to assess the full impact of the Hong Kong spot ETF on the crypto market.