Hong Kong crypto ETFs see tepid investor demand even as bitcoin prices surge
Bitcoin’s price jumped 7.84 per cent over the past five days and 12 per cent over the past month, ahead of the US presidential election
Demand for Hong Kong-based exchange-traded funds (ETFs) that invest directly in cryptocurrencies has been flat this week, even as similar products in the US attracted greater interest amid the latest surge in bitcoin prices.
Hong Kong’s three spot bitcoin ETFs saw a total of US$3.65 million worth of shares change hands on Tuesday and US$2.22 million traded on Wednesday, according to data by OKG Research, a unit under Hong Kong-listed blockchain firm OKG Technology Holdings.
The three ETFs saw a combined average daily volume of about US$3.25 million since their launch in April, the firm’s data showed.
By comparison, the US on Wednesday saw US$4.74 billion traded among 12 spot bitcoin ETFs, with BlackRock’s iShares Bitcoin Trust, the largest among them, drawing US$3.36 billion alone in a day, according to data on The Block.
Inflows for US bitcoin ETFs also dwarfed those of Hong Kong. The city’s bitcoin ETFs drew HK$3.18 million (US$409,151) in inflows on Tuesday and HK$4.28 million on Wednesday, while US funds drew US$870 million.
Bitcoin’s price jumped 7.84 per cent over the past five days and 12 per cent over the past month ahead of the US presidential election. Both candidates for US president, Donald Trump and Kamala Harris, have voiced some level of support for the digital asset industry.
