China may be about to explode in XRP, Ethereum, and Bitcoin prices with the latest launch of ETF. Forbes reports that crypto investors already anticipate that Hong Kong and the United States will battle for cryptocurrency inflows into their respective funds due to the revelations.
Bosera Capital, Harvest Global, and China Asset Management have announced that they have received approval to sell spot Ethereum and Bitcoin ETFs in Hong Kong. Forbes highlights that crypto investors already anticipate that Hong Kong and the United States will battle for cryptocurrency inflows into their respective funds due to the revelations.
The demand that these ETFs are going to create might be way more than what is in supply. This could create a surge in price for Bitcoin, Ethereum, and even XRP.
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Forbes states that over $50 billion in assets under management have been drawn to the fleet of new spot Bitcoin ETFs allowed by the U.S. Securities and Exchange Commission (SEC) in January. Ever since the approval came, investors flocked to gain exposure to Bitcoin after ten years of application denials.
With assets under management of about $15 billion and $9 billion, respectively, Wall Street behemoths BlackRock and Fidelity have emerged as the two biggest of the new Bitcoin ETF issuers.
With the success of ETFs in the US, the likelihood of these ETFs performing exceptionally well in Hong Kong is being priced in by market participants.
As of right now, the territory is completely prohibited from cryptocurrency in Mainland China. Thus, at this point, it appears unlikely that it will have access to Ethereum and Bitcoin ETFs that are listed in Hong Kong. Hong Kong issuers have confirmed that regulatory restrictions prevent mainland Chinese funds from purchasing exchange-traded funds (ETFs) related to cryptocurrencies.
Recent correspondence from ETF providers headquartered in Hong Kong has dispelled myths regarding the financial acumen of mainland Chinese participants in the Southbound Stock Connect program. The Southbound Stock Connect program, which was created to promote cross-border investment between mainland China and Hong Kong, does not include digital currency products due to China’s position on bitcoin risk.
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