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A report released by the Hong Kong Stock Exchange (HKSE) indicates that two Bitcoin (BTC) exchange-traded funds (ETFs) and one Ether (ETH) ETF listed on the HKSE achieved an average daily trading volume of 9.30 million Hong Kong dollars ($1.19 million) from December 16, 2022, to February 7, 2023. As the first region in Asia to offer access to crypto ETF products, operators of the Hong Kong exchange commended the regulatory clarity for its contribution to “capitalizing on opportunities in virtual asset development.”
Nonetheless, these figures seem relatively modest when compared to global standards. On April 17, Cointelegraph noted that Bitcoin and Ether futures and options available on the CME Group in the United States exceeded $3 billion in daily average notional value. In a similar vein, the ProShares Bitcoin Strategy ETF listed on NYSE Arca has an average daily volume of around $196 million.
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Notably, in contrast to Hong Kong, the U.S. is characterized by a lack of regulatory clarity concerning crypto ETFs. Although the U.S. Securities and Exchange Commission has authorized futures-based Bitcoin ETFs, such as the ProShares Bitcoin ETF, it has rejected the conversion of the Grayscale Bitcoin Investment Trust (GBTC), the largest over-the-counter Bitcoin fund in the nation, into a listed spot ETF. The Commission also denied the listing request for Ark Investment Management’s ARK21 Shares Bitcoin ETF.
Among the Bitcoin ETFs mentioned in the HKSE report is the Samsung Bitcoin Futures Active ETF, developed by the investment management division of the South Korean conglomerate. This product is tailored to meet the demands of institutional investors looking to trade Bitcoin futures within the Asia-Pacific time zone.
Magazine: Samsung’s Bitcoin ETF, $700M bust, Coinbase exits Japan
