Your face when you hear all talent has left Hong Kong, and you are still in Hong Kong. Then it hits you! That you’re the only one on earth that can pronounce the city’s name by moving your tongue and your lips.
Welcome to HODL FM, the only publication in Web3 that delivers timely insights with a flavor of humor. But be careful, sometimes we are funny, other times we are somewhat serious, yet not as volatile as cryptocurrency prices.
Today we will talk about:
- Hong Kong’s push for ETF Approval
- Reclaiming a lost glory as a financial hub
- EFT Launch expected this month
- Announcement of ETF decision by end of next week
Related: Bitcoin ETF Boom Continues Ahead of Halving Anniversary
Spot Bitcoin ETF in April in Hong Kong
Hong Kong is warming up for its first spot Bitcoin ETFs this month. According to sources close to the matter, the first application is likely to gain approval by next week. If the approval happens, the city will become Asia’s trailblazer in crypto retail investment. The expectations lie in the affirmative with regulators playing a proactive role in speeding up the approval process.
Hong Kong shed most of its appeal as a financial hub during the pandemic due to travel restrictions, and the US-China trade wars. Since then, the city state’s leaders have been doing everything they can to reclaim their glory as a global financial trading hub. The launch of a cryptocurrency ETF in Hong Kong will attract fresh investments into the crypto markets, and reinvigorate Bitcoin adoption to new levels. The CEO of Metalpha Mr Adrian Wang shared the same sentiments that an ETF was going “to push crypto adoption to new heights”.
Impact of the Spot ETF on Bitcoin Adoption
Lately, the Bitcoin community has witnessed the impact of exchange-traded funds on Bitcoin’s price following the listing of futures/spot Bitcoin ETFs in the U.S. By now, the product has attracted over $12 billion in net inflows, as per analytics from BitMEX Exchange studies. As a result, the Bitcoin price action has pumped by 60% over the last year and claimed an all-time high above $70,000.
Asset Managers around the World are Rushing for One Thing – the ETF
Several applications for a Bitcoin ETF are already awaiting approval across Hong Kong and Mainland China. Some of these include Harvest Fund Management, China Asset Management, and Bosera Asset Management. Earlier this month, the first two asset managers received approval from the regulatory authority to manage portfolios containing over 10% of digital assets.
More on Bitcoin ETFs:
- Spot Bitcoin ETF Total Inflows Break $1 Billion Record in a Day
- SEC Extends Deadline for Bitcoin ETF Options Approval
- Turns Out Bitcoin ETFs Matter!
The parent companies of these entities have been managing China’s largest mutual fund companies valued at $138 billion in assets. Meanwhile, despite having Bitcoin banned in mainland China, offshore states like Hong Kong are keen on embracing digital assets across institutional finance. For example, the first ETF for cryptocurrency futures was approved in Hong Kong as early as 2022, and the CSOP Bitcoin Futures ETFs which has surged by 700% since September last year.
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