Hong Kong Bitcoin ETF Holdings Surpass $2 Billion
26 Aug, 2024 ● Crypto News
Hong Kong’s spot Bitcoin exchange-traded funds (ETFs) have exceeded 2 billion Hong Kong dollars (around $256 million) in assets under management (AUM).
The launch of Bitcoin ETFs in Hong Kong has been relatively slower in gaining traction compared to those in the United States.
Data from SoSo Value reveals that the three spot BTC ETFs in Hong Kong saw a net inflow of roughly 247 BTC over the past week, bringing their total holdings to approximately 4,450 BTC.
The ETFs now collectively hold around HK$2.1 billion ($269 million) in AUM.
ETFs managed by China Asset Management and Harvest Asset Management, in collaboration with the digital asset trading platform OSL, make up more than HK$1.3 billion ($167 million) of the total AUM.
The third spot Bitcoin ETF, which operates independently of OSL, holds HK$776 million ($99.5 million), accounting for about 42% of the market share.
Hong Kong investors have fewer options for BTC exposure compared to the 11 available in the US market.
Despite recent inflows, Hong Kong’s spot Bitcoin ETFs have lagged behind their US counterparts.
When the ETFs were launched on April 30, they saw a total of $262 million in inflows during the first week, with most of this amount subscribed before the ETFs were listed.
Actual inflows during that first week were only $14 million, a sharp contrast to the billions that flowed into US spot Bitcoin ETFs when they were launched in January.
This gap underscores the difficulties Hong Kong faces in establishing itself as a global center for cryptocurrency investments.
As Bloomberg ETF analyst Rebecca Sin points out, the city’s in-kind ETF creation model offers a unique chance to boost AUM and trading volume.
However, Hong Kong still lags behind the US in terms of investor interest and capital inflows.
Sources:
https://cointelegraph.com/news/hong-kong-bitcoin-etfs-surpass-2-billion-osl-dominance
