Hong Kong to Launch Spot Ethereum ETF Before US, 10 Firms to Announce Bitcoin ETF Plans
The booming crypto market amid regulatory approval in Hong Kong has prompted plans for a spot Bitcoin ETF and spot Ethereum ETF. As spot Bitcoin ETF applications continue apace, recent reports suggest that Hong Kong may launch a spot Ethereum ETF before the US.
Hong Kong to Benefit from Spot Ethereum ETF Before US
Applications for spot Bitcoin ETFs are currently being processed as 10 financial institutions, including Harvest Finance, plan to launch spot Bitcoin ETFs in Hong Kong. Local media reported on March 11 that the industry is calling for swift action on the approval of spot ETFs, specifically the spot Ethereum ETF.
Adoption of Bitcoin and cryptos accelerated after the United States approved 11 spot Bitcoin ETFs. Net inflow exceeded $9.5 billion and total assets under management (AUM) exceeded $55 billion. BlackRock Bitcoin ETF’s Bitcoin holdings outperformed even Michael Saylor’s MicroStrategy.
With adoption increasing in Hong Kong amid regulatory support, a plan to launch a spot Ethereum ETF from the US is under heavy preparation. The US SEC recently postponed BlackRock and Fidelity spot Ether ETF applications, with market experts expecting approval at the end of May. Hong Kong aims to take the lead amid growing uncertainty surrounding the Ethereum ETF in the US. Hong Kong spot ETFs, derivatives and other trading products could be launched as soon as possible, experts said.
“Delaying the launch of spot ETFs by half a year also means that the entry of US capital into the market will be six months later. Then, it will face higher acquisition costs and entry points and will have to bear the risk of being locked out by US capital,” said Weng Xiaoqi, COO of HashKey Group.
Also Read: Tuesday’s US CPI Data Will Impact Crypto Market Movement This Week
Bitcoin Products Raise BTC Price
Bitcoin price reached an all-time high of $70,000 (ATH) last week, supported by demand from spot Bitcoin ETFs in the US and Bitcoin ETPs and ETNs in Europe.
Meanwhile, two Bitcoin futures ETFs in Hong Kong hit new highs amid a rally in the crypto market. Southern Bitcoin ETF reached 27.5 yuan last week, 2.5 times higher than its listing price; Samsung Bitcoin ETF reached 26.8 yuan, 2.2 times higher than its listing price.
BTC price is currently trading at $68,754 after a slight pullback due to profit booking. ETH price, on the other hand, has retreated after reaching $ 4,000 last week and is traded at $ 3,854.
Also Read: XRP Whales Moved 81 Million Coins Amid New ATH Excitement, What’s Happening?
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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