Hong Kong Bitcoin and Ether ETFs have tough debut on first-day trading

Bitcoin and Ethereum spot ETFs began trading in Hong Kong, but day-one trading volumes were a fraction of those recorded in the United States in January 2024.

The launch of Bitcoin (BTC) exchange-traded funds in the United States has proved hard to follow as Hong Kong’s new Bitcoin and Ethereum ETFs hit $12 million in trading volume.

Bitcoin and Ethereum exchange-traded funds (ETFs) finally hit Hong Kong markets, but trading volumes suggest that the launch of Bitcoin ETFs in the United States set an exceptionally high bar to match.

The six new crypto ETFs’ total trading volume at the closing bell on day one in Hong Kong was 87.58 million Hong Kong dollars ($12 million). This number pales in comparison to the first-day trading volume of U.S. Bitcoin ETFs, which was valued at $4.6 billion.

Data shared by the Hong Kong Stock Exchange (HKEX) highlighted the relatively flat performance and interest in the six Bitcoin and Ether (ETH) ETFs managed by China Asset Management, Harvest Global, Bosera and HashKey.

The Bosera HashKey Bitcoin ETF recorded HK$249,000 in first-day trading volume, while the Bosera HashKey Ether ETF produced HK$99,000 in trading volume at the closing bell.

Related: Hong Kong Bitcoin and Ether ETFs officially approved to start trading on April 30

The China Asset Management (CAM) Bitcoin ETF fared far better, producing HK$4.6 million in trading volume. Trading had opened at HK$8.080 and closed at HK$7.950. Cam’s Ether ETF recorded HK$4.6 million in trading volume at the closing bell.

Wu Blockchain had previously reported that CAM subscription size for its Bitcoin and Ethereum spot ETFs attracted $140 million during the initial offering period before trading began. 

HKEX previously highlighted investor interest in its cryptocurrency futures ETFs which were first launched in late 2022. Its three “VA Futures ETFs” attracted $529 million in net inflows in the first quarter of 2024 — which added to the hype around the launch of the spot BTC and ETH ETFs on April 30.