QCP Capital: The approval of Bitcoin and Ethereum spot ETFs in Hong Kong will release some institutional demand during Asian trading hours

According to Odaily Planet Daily, China Asset Management, Boshi Fund and other applicants posted on the WeChat public account earlier today announcing that they had received in-principle approval to list Bitcoin and Ethereum spot ETFs in Hong Kong. However, these announcements appear to precede or be affected by official statements from the Securities and Futures Commission of Hong Kong (SFC), which has yet to publish the list of approved issuers, and some of the articles have been deleted. Hong Kong's Securities and Futures Commission did not respond to emails or calls seeking comment.

Singapore-based digital asset trading house QCP Capital said it believes the ETFs will unlock some institutional demand during Asian trading hours after they are approved in Hong Kong.

QCP wrote: "Participants who want to invest have always been limited to the US session, but this now gives institutional investors an option based on the Asian time slot. We believe this will be bullish in the short term, but there is more to it factors and drivers, such as macro events.”