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Hong Kong virtual asset spot ETF AUM fell 3% from the first day to HK$2.223 billion

CointimeCointime2024/05/20 00:46
By:Cointime

According to Ming Pao, there have been 12 trading days since the launch of the Hong Kong virtual asset spot ETF, and the overall AUM change has been relatively small. HKEX data shows that the overall AUM has reached a maximum of HKD 2.52 billion, and as of last Friday, it was HKD 2.223 billion, down 3% from the first day. Among them, only the AUM of Huaxia Bitcoin ETF has ever reached HKD 1 billion, and the AUM of Jiashi Ether (3179) is the lowest among the six, at around HKD 56 million as of last Friday. In addition, Bitcoin ETF accounts for 85% of the total asset value, while Ether ETF accounts for 15%, reflecting that Bitcoin is still the mainstream virtual currency. In addition, after the first day of trading of the six ETFs reached HKD 87.61 million, the daily average trading volume has been around HKD 41.03 million. Data shows that among the fund companies that issued virtual currency spot ETFs, Huaxia has the most market makers. As of May 8th and based on HKD, Huaxia Bitcoin has a total of 7 market makers; Boshi HashKey Bitcoin ETF (3008) and Jiashi Bitcoin (3439) each have 6 and 4, respectively, and only Huaxia Bitcoin has RMB counter market makers. Data analysis platform Kaiko reports that the competition for virtual currency spot ETFs is heating up globally, but the Hong Kong ETF market is much smaller than the US market, resulting in a discrepancy in the first-day trading volume between Hong Kong and the US. Overall, the demand for virtual currency in the Asia-Pacific region still seems to be strong. Wang Junjie, a partner of Yicai Investment Fund, believes that the small change in AUM is mainly due to the fact that liquidity has not yet been released. If mainland investors and Hong Kong Stock Connect are allowed to purchase, liquidity will be greatly improved in the future. He also pointed out that if the Ether ETF can create innovation in the future as proof of stake (PoS) pledge income for investors, this will be the world's first innovation, which will attract many Ether holders worldwide to invest and trade, and the AUM and trading volume will increase significantly in the future.

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