The Tortoise and the Hare? A Slow Start for Hong Kong's Bitcoin and Ether ETFs

April 30, 2024

Asia

Image Credit: Dall-E 3

After so much hype, Asia's first bitcoin and ether exchange-traded funds (ETFs) began trading in Hong Kong on Tuesday and only had US$11.1 million in trading volume by the close of trading. In stark contrast, the 11 bitcoin ETFs in the US that debuted in January saw more than US$4.6 billion traded on their first day. Market makers likely drove most of the first-day trading, and with ongoing demand still uncertain, fund managers and brokerages are dangling incentives like waived fees to attract investors in a market considerably smaller than the US.

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Written by Jon Lira. Connect with him on LinkedIn.

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