HomeHong Kong Ethereum ETFs Rise 18% Ahead Of US Approval

Hong Kong Ethereum ETFs Rise 18% Ahead Of US Approval

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An important step forward for the newly authorized Hong Kong Ethereum ETFs has been the ETF product introduced by ChinaAMC, a Chinese fund manager. Net inflows have surged, surpassing HK$5 million (US$640,780) as of Wednesday noon.

This surge continues Tuesday’s HK$3.77 million inflow, the biggest since the ETF’s launch. It eagerly awaits the US approval of comparable products for the market’s secmarket’sestt cryptocurrency, which has heightened interest in these ETFs.

HongKong’ssEtherKong’sFss Break Trading Records

A South China Morning Post story states that the ETF had a trading volume of over 1.28 million shares on Tuesday, which is higher than the average daily volume of roughly 500,000 since its inception on April 30. This week, there have been”higher-than” usual” trading volumes for the other two spot Hong Kong Ethereum ETFs, whichHarvest Global, Bosera, andHarvest Global, Bosera, and HashKey Capital, issued of more than 18% on Tuesday.

The spot crypto Hong Kong Ethereum ETFs were welcomed as a significant step towards the city’s goal of a virtual asset hub, but their trading volume has been relatively low on most days since they were launched. Despite the products’ January legalization, trading volume is far lower than that of spot Bitcoin ETFs in the US.

Data from SoSo Value shows that Bitcoin Spot ETF saw. A total net inflow of $306 million on Tuesday, making it seven days in a row of net inflows. There was a net outflow of $0.00 for GGrayscale’sGGrayscale’sst(GBTC) ETF on a single day, an inflow of $290 million for BBlackRock’sBBlackRock’snda total net asset value of $58.910 billion for Bitcoin spot ETFs.

Market Optimism

Many believe that exchange-traded funds (ETFs) are crucial for bringing in institutional money and increasing the value of volatile virtual assets. It would appear, however, that the worldwide cryptocurrency market was initially unaffected by the ETF launches in Hong Kong. Bloomberg analysts have noted that the exchange-traded fund (ETF) market in Hong Kong is far smaller than in the US.

Still, they claim that the ccity’sspot ccity’sETFs—the first of their kind in Asia—are crucial. To the widespread acceptance and use of virtual assets worldwide. Recently, there has been a dramatic increase in the trading volume of Hong Kong Ethereum ETFs. Corresponding with a sharp rebound in cryptocurrency values. News indicates that the US Securities and Exchange Commission (SEC) is more likely to approve spot Ethereum ETFs.

According to Bloomberg Intelligence ETF experts James Seyffart and Eric Balchunas. The SSEC’ssstanceSEC’sthereumETFs may be changing since they recently increased their projected probability of approval from 25% to 75%. With a price spike of almost 20%, ETH has surpassed US$3,700 this week, becoming the second-largest cryptocurrency by market capitalization. The biggest cryptocurrency also rose by 4%, going above $71,000.

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Ali Raza
Ali Raza has been writing about blockchain and cryptocurrencies for over Three years and is now the editor-in-chief of Latestcoinsnews. After a meteoric rise in late 2016, Ali Raza's enthusiasm for Bitcoin and other cryptocurrencies skyrocketed. He can't sleep with one eye on the market because he's so fascinated by the technical and economic ramifications of cryptocurrency.

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