BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\nCurrently, BTC is trading at $63,000 after failing to consolidate above the key $66,000 level in recent days. However, the launch of the ETF market in Hong Kong is expected to significantly impact<\/span>\u00a0the price of BTC in the long run.\u00a0<\/span><\/p>\nFeatured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"The eagerly anticipated Hong Kong Bitcoin ETF market is scheduled to commence trading on Tuesday, marking a significant milestone in the increasing adoption of the leading cryptocurrency and building upon the success of the US ETF market.\u00a0 With their approval, the newly regulated index funds are poised for a noteworthy debut, surpassing the first-day inflows in the United States. HK Bitcoin ETF Market Poised For Record-Breaking Debut Zhu Haokang, the Digital Asset Management Supervisor and Family Wealth Supervisor at Warsaw Fund expressed great confidence in the trading volume of Hong Kong Bitcoin ETFs on its inaugural day. This volume exceeded\u00a0the scale achieved during the US launch on January 10th of this year, which amounted to over 125 million US dollars.\u00a0 Related Reading: Crypto Analyst Says Altcoins Are About To Enter A Parabolic Curve, Here\u2019s Why Haokang further stated that Huaxia, one of the three ETF issuers, is confident in becoming the largest ETF issuer on the first day of trading. At the same time, OSL, a digital asset platform, has already completed the initial fundraising with two funds, including Huaxia.\u00a0 Furthermore, the capital inflow during the Hong Kong spot Bitcoin ETF’s first-day listing transaction has surpassed that of the US spot ETF market.\u00a0 According to Haokang, this difference can be attributed to two factors: the purchase and redemption of spot and in-kind transactions, which are unavailable in the US spot Bitcoin ETF. Unprecedented Investment Options One unique aspect of the China Summer Fund’s Hong Kong spot ETF is its incorporation of Hong Kong dollars, US dollars, and dual counter offers (RMB counters), distinguishing it from the other two offerings.\u00a0 Additionally, the fund features a non-listed share alongside the listed share, further setting it apart from its counterparts. Given the physical purchase method, investors, including Bitcoin miners, can directly acquire the Hong Kong virtual asset spot ETF using the Bitcoin they already hold.\u00a0 Moreover, outreach efforts have reportedly been made to attract investors from countries and regions without ETF offerings, such as Singapore and the Middle East, generating significant interest. Despite the substantial market size of the current US spot Bitcoin ETF market, Hong Kong’s utilization of cash and in-kind subscriptions, coupled with the appeal of open trading during Asian market hours, is expected to attract numerous American investors, according to Haokang.\u00a0 Mainland Chinese Investors Restricted Wayne Huang, OSL ETF and Trusteeship Business Manager, highlighted that Victory Securities could facilitate physical purchases, and the winning securities in China can also leverage OSL’s support.\u00a0 Three vouchers enable physical purchases, with more expected to follow suit. Following the ETF’s listing, various voucher chambers of commerce are likely to participate, increasing the overall ecosystem of the Bitcoin ETF market in May. Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity? On the other hand, Zhu Haokang also clarified that mainland Chinese investors are currently restricted from investing in Hong Kong’s spot ETF market. However, qualified investors, institutional investors, retail investors, and qualified international investors in Hong Kong can participate in the spot ETF race.\u00a0 Individuals seeking further details are advised to consult voucher providers and sales channels while closely monitoring potential regulatory adjustments and the development of a specific regulatory framework in the future. Currently, BTC is trading at $63,000 after failing to consolidate above the key $66,000 level in recent days. However, the launch of the ETF market in Hong Kong is expected to significantly impact\u00a0the price of BTC in the long run.\u00a0 Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":596565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[435,532,92044,91472,90555,9960,656,679,1144,8390,78790,6664,2359,92053],"class_list":["post-605692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-adoption","tag-bitcoin-etf","tag-bitcoin-etf-hong-kong","tag-bitcoin-etf-inflows","tag-bitcoin-etf-news","tag-bitcoin-etfs","tag-bitcoin-news","tag-bitcoin-price","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-hong-kong","tag-hong-kong-bitcoin-etf"],"acf":[],"yoast_head":"\n
Hong Kong Bitcoin ETF Readies For Stellar Debut, Expected To Outshine $125M US Launch<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n