According to CoinDesk Indices data, several Hong Kong issuers have announced that they have been licensed for spot cryptocurrency exchange-traded funds (ETFs). As a result, Bitcoin (BTC) has increased 2.8% in the last 24 hours, trading above $66,500, and ether (ETH) has climbed to $3,240.
WeChat (Weixin), a social media network, was used by China Asset Management, Bosera Capital, and other applicants to announce their approval for the listing of spot bitcoin and ether ETFs in Hong Kong. Nonetheless, it appears that the Securities and Futures Commission (SFC), which has not released a list of authorized issuers, preceded these pronouncements. Since then, a few of the posts have been removed.
According to a statement sent to CoinDesk by Singapore-based digital asset trading house QCP Capital, it is anticipated that the ETFs may spark some institutional interest during Asia trading hours if they are approved.
“Participants who wanted exposure have always been limited to US hours, but this now gives institutional investors an Asia-based alternative,” QCP stated. Although we think the short term outlook is positive, there are other significant stories and factors, such major occurrences, that should be considered.
April 2024, Cryptoniteuae
