Hong Kong spot crypto ETFs see disappointing debut, but there’s a caveat to US comparisons
Hong Kong’s new spot bitcoin and ether ETFs were widely considered to have a disappointing debut on Tuesday, generating just $11.2 million in combined trading volume.However, there’s an important caveat when comparing the figures against the U.S. spot bitcoin funds, according to Bloomberg ETF analyst Eric Balchunas.
The six new spot bitcoin and ether ETFs — one bitcoin and one ether ETF per issuer — recorded a combined $11.2 million in trading volume on Tuesday, according to Hong Kong Stock Exchange data, led by ChinaAMC's spot bitcoin ETF.
That figure pales in comparison to the $4.5 billion first-day volume for the spot bitcoin ETFs launched in the U.S. in January. However, the caveat is that although the Hong Kong market is smaller, the issuers already had assets under management lined up before trading began, whereas in the U.S. this was held back until the ETFs debut.
“We tried to warn everyone to lower expectations re HK. That said, if you localize numbers this was BIG: eg ChinaAMC bitcoin ETF took in $123 million on day one which already ranks it 6th of 82 ETFs launched in the past 3 years in HK and top 20% overall,” Bloomberg ETF analyst Eric Balchunas said .
“I think one of the confusing things about this launch is the big gap between day one assets vs volume. Looks like they had AUM already in before trading vs in the U.S. the issuers would rather have the pre-planned investors buy in on day one so the volume is impacted which helps with marketing. In the end it's the same, one method just gives you more optical bang for the buck,” he added.
In addition to investors in Hong Kong, the spot crypto ETFs are also available for qualified investors outside the city. However, those in the Chinese mainland are still restricted from investing in the products.
In contrast to the U.S. spot bitcoin ETFs, which require cash creation and redemption, the Hong Kong-based ETFs allow an in-kind mechanism, enabling investors to use bitcoin or ether directly to buy or sell the ETFs.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ripple releases volume 1 of its OCC banking license application
Share link:In this post: Ripple has released the first volume of its OCC banking license application, taking a formal step to increase its financial infrastructure. The firm proposes its National Trust Bank, with its application focusing on the use of RLUSD. Ripple unveils its five-man governance panel, establishing its commitment towards regulatory oversight.
Pakistan and Kyrgyzstan to deepen collaboration in crypto and blockchain innovation
Share link:In this post: Pakistan and Kyrgyzstan have agreed to deepen collaboration in crypto and blockchain innovation. Both countries also agreed to share knowledge, expertise, and best practices to help their economies. Pakistan signs several MoUs with Kyrgyzstan amid the downturn in its economic conditions.

Trump’s TMTG reports $3.1B assets, $20M loss in Q2 report
Share link:In this post: Trump Media & Technology Group reported a net loss of $20 million on net sales of $883,300 for Q2 2025. Donald Trump owns 52% of TMTG through a revocable trust, with his stake valued at approximately $1.9 billion. TMTG attributed its Q2 results to various factors, but the most notable one is reportedly its Bitcoin treasury.

India defies Trump warning, vows to continue Russian oil imports
Share link:In this post: India confirmed it will continue importing Russian oil despite Trump’s threat of penalties and a 25% tariff. Officials said no instruction has been given to oil companies to cut back on Russian crude. India now gets over 33% of its oil from Russia, up from less than 1% before the Ukraine war.

Trending news
MoreCrypto prices
More








