Hong Kong Ether ETFs See Highest Daily Inflow Since Launch
Highlights
- Hong Kong's ether ETFs achieved their highest daily inflow, exceeding HK$5 million, as investors anticipate US approval of similar products.
- Bitcoin ETFs in Hong Kong also report significant inflows, indicating rising institutional interest.
- Market analysts raise the probability of US SEC approving ether ETFs, boosting Ethereum prices.
The spot ether exchange-traded funds (ETFs) launched by Chinese fund manager ChinaAMC witnessed a significant surge in daily inflows, recording more than HK$5 million (US$640,780) as of mid-day Wednesday. This follows an impressive inflow of HK$3.77 million on Tuesday, marking the largest since the ETF’s inception. This uptick in investment activity comes as investors speculate on potential US approval of similar products. Tuesday’s net inflows alone reached HK$3.77 million, showcasing heightened investor interest.
Surge In Crypto ETF Investments in Hong Kong
Hong Kong’s Ether ETFs have recorded their highest daily inflow since their launch, signifying a pivotal moment in the region’s evolving crypto market. On Monday, May 20, Hong Kong’s Bitcoin ETFs also reported positive inflows totaling $6.62 million. These Bitcoin ETFs now hold 3,660 Bitcoins after just 13 days of trading, with total net assets reaching approximately $246 million and a total value traded of $2.78 million. The spot Bitcoin ETF inflows were led by Bosera & HashKey with $6.29 million (95 BTC), followed by China AMC with $7.09k (0.11 BTC), and Harvest with $321k (4.85 BTC). This notable surge underscores the increasing institutional interest and confidence in Bitcoin ETFs within Hong Kong’s financial markets.
Despite this growth, the turnover of Hong Kong’s spot crypto ETFs has been relatively low on most days since their launch. Compared to the US, where spot Bitcoin ETFs were approved in January and enjoy much higher trading volumes, Hong Kong’s market remains modest. While ETFs are seen as crucial for attracting mainstream investors to volatile virtual assets and potentially boosting prices, the initial impact of Hong Kong’s ETF launches on the global cryptocurrency market has been “muted.” Analysts note that Hong Kong’s ETF market is significantly smaller than that of the US.
Also Read: Shiba Inu Coin Burn Rate Soars 570% Amid Rally, Where’s SHIB Price Heading?
Anticipation of US SEC’s ETH Approval and Market Impact
Bloomberg Intelligence ETF analysts Eric Balchunas and James Seyffart on Tuesday raised the estimated probability of the SEC approving ether ETFs from 25% to 75%, indicating a potential shift in the regulatory body’s stance. This development has sparked considerable interest and optimism within the market.
Currently, the price of Ethereum (ETH) stands at $3,748.40, with a 24-hour trading volume of $31.7 billion. This marks a 2.42% price increase over the past 24 hours and a substantial 29.16% increase over the past week. With a circulating supply of 120 million ETH, Ethereum’s market cap has reached $450.3 billion.
The SEC is expected to make a decision on at least one of the ether ETF applications by May 23. This decision is highly anticipated as it could significantly influence the market dynamics and investor sentiment towards ether ETFs, not only in the US but globally.
Also Read: Don’t FOMO, the Bitcoin (BTC) Price Consolidation Is Still Not Over
- Here’s Why Zcash (ZEC) Price Tanked 10% Today Following 500% Rally
- Litecoin Price Jumps, What’s Behind the Sudden Rally? (28 oct)
- Metaplanet Stock Surges 10% on Share Repurchase, Capital Allocation Policy
- AI Meets Smart Routing: Screx Sets a new efficiency Benchmark in DeFi
- Bitwise Solana Staking ETF (BSOL), Canary Litecoin and HBAR ETFs to Launch Today
- Cardano Price Eyes 80% Rally as x402 Upgrade Sparks Hope for AI Payment Expansion
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
- Dogecoin Price Prediction As Whales Scoop Over $300 Million- Is A Bull Run Ahead?
- Pi Coin Price Jumps 24% as 10M Tokens Exit Exchanges – Can Bulls Sustain the Momentum?
- Bitcoin Price Poised to Break $125k? If President Trump Announces Deal with China on October 30th
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
MEXC