- Hong Kong-based BTC ETFs peaked past $250 million in AUM, marking a tremendous achievement for the crypto industry in the jurisdiction.
The amounts managed by BTC ETFs in the US eclipse those in Hong Kong.
As a seasoned researcher with years of experience tracking the evolution of digital assets, I must say that the recent surge in Hong Kong-based BTC ETFs is nothing short of inspiring. While it’s true that the US still dominates the market, it’s heartening to see emerging jurisdictions like Hong Kong making strides towards becoming major players in the crypto space.
Cryptocurrency ETFs are a significant topic of discussion within the industry, and U.S.-based ones often make headlines due to their widespread appeal. However, Bitcoin ETFs based in Hong Kong have recently garnered attention as they have amassed over $270 million in assets under management (AUM). Despite being introduced earlier this year, it has taken these funds slightly longer than their counterparts in the U.S. to see significant investment inflows.
As an analyst, I’ve observed that Hong Kong’s regulatory bodies have given the green light to three funds so far: ETFs from China Asset Management, Harvest Asset Management, and Bosera Asset Management. Notably, China Asset Management and Harvest Asset Management have teamed up with crypto exchange OSL for their ETF operations, while Bosera Asset Management has chosen to collaborate with a different platform, HashKey.
Last week, the three Bitcoin ETFs managed by these firms collected approximately 247 Bitcoins, increasing their combined holdings to a total of 4,450 Bitcoins. As of August 23, this equated to roughly $272 million in U.S. dollars and HK$2 billion in Hong Kong dollars. Specifically, the ChinaAMC BTC ETF holds around $141.92 million (over HK$1 billion), while the Bosera HashKey ETF manages nearly $100 million, and the Hashkey ETF is responsible for approximately $30.58 million in assets.
BTC ETFs in the US Still Dominate
Currently, investors in Hong Kong have only three Bitcoin ETF choices available to them, whereas U.S. investors can choose from 11 such options. This has led some to ponder if the lack of variety is also the reason behind the comparatively smaller net inflows into Hong Kong’s Bitcoin ETFs, which total a much lower $58 billion than that of U.S. funds.
Even the disparity behind the net inflows observed by the ETFs in the different jurisdictions was tremendous. Hong Kong-based ETFs registered tens of millions of dollars, while US-based ones saw billions. This highlights how the city must build investor interest to achieve its goal of becoming a massive crypto hub in Asia.
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2024-08-25 14:54