Hong Kong's newly launched spot Bitcoin and Ethereum ETFs have seen significant market activity, amassing $292 million in assets on their first day, surpassing initial expectations. Despite some reports of disappointing debut trading volumes, including a second day trading volume of $8.75 million, the ETFs attracted considerable attention, with Bitcoin ETFs accounting for 85% and Ethereum ETFs for 15% of the total inflows. The ETFs' success reflects Hong Kong's potential to double the market size of its U.S. counterparts, as indicated by Harvest Global Investments. Additionally, the ETFs raised over HK$11.2 million, helping to offset net outflows in the U.S. market. Yong Rong has emerged as the biggest ETF holder.