Hong Kong Spot ETFs Trade $6.26M; Yong Rong, Ovata Invest $112M in US Bitcoin ETFs

Hong Kong's burgeoning interest in cryptocurrency is evident through its recent activities in the Bitcoin and Ethereum ETF markets. As of early May 2024, the total trading volume of six Hong Kong-based spot ETFs for virtual assets reached HK$48.91 million, approximately US$6.26 million, with Bitcoin ETFs dominating the trading volume at HK$43.41 million and Ethereum ETFs at HK$5.5 million. Additionally, Hong Kong-based asset managers, including Yong Rong and Ovata, reported significant investments in U.S.-based Bitcoin ETFs, totaling $112 million, with Yong Rong investing $38 million and Ovata $74 million. These developments highlight a robust engagement with cryptocurrency investment vehicles in Hong Kong, contrasting with the massive $1.88 billion trading volume of Bitcoin spot ETFs in the United States on a previous day.