{"id":19326,"date":"2024-05-03T11:54:15","date_gmt":"2024-05-03T15:54:15","guid":{"rendered":"http:\/\/leadingcryptonews.com\/hong-kong-bitcoin-etf-launch-in-top-20-strk-scam-suspect-busted-asia-express\/"},"modified":"2024-05-03T11:54:15","modified_gmt":"2024-05-03T15:54:15","slug":"hong-kong-bitcoin-etf-launch-in-top-20-strk-scam-suspect-busted-asia-express","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/hong-kong-bitcoin-etf-launch-in-top-20-strk-scam-suspect-busted-asia-express\/","title":{"rendered":"Hong Kong Bitcoin ETF launch in \u2018top 20%,\u2019 STRK scam suspect busted: Asia Express"},"content":{"rendered":"


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Our weekly roundup of news from East Asia curates the industry\u2019s most important developments.<\/p>\n

Hong Kong spot Bitcoin and Ether ETFs disappoint<\/h2>\n

Six Hong Kong spot Bitcoin and Ether ETFs from three issuers attracted $292 million on launch day, with Ether accounting for about 15% of the total. The haul disappointed many whose expectations were set sky-high due to the billions of dollars solicited by United States spot Bitcoin ETFs within one week of their debut in January.<\/p>\n

\u201cWe tried to warn everyone to lower expectations re HK,\u201d commented Bloomberg senior ETF analyst Eric Balchunas. <\/p>\n

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\u201cThat said, if you localize numbers, this was BIG: e.g., ChinaAMC Bitcoin ETF took in $123m on Day One, which already ranks\u00a0it\u00a06th of 82 ETFs launched in the past 3 yrs in HK and Top 20% overall.\u201d\u00a0<\/p>\n<\/blockquote>\n

Market participants were less impressed, however.At the time of publication, Bitcoin and Etherhavelost 10% of their value within the past month.Data from Arkham Intelligence indicate that for two ETFs, the Bosera HashKey Bitcoin ETF and Bosera HashKey Ether ETFs, the asset under management (AUM) figures almost entirely stem from pre-listing subscriptionswhiletrading volume post debut remains stunted.<\/p>\n

The result shouldn\u2019t have come as a surprise.\u00a0<\/p>\n

Due to capital restrictions, the Hong Kong crypto ETFs are only accessible to the 7.5 million residents of the city and some overseas traders. Mainland China residents,who numberover 1.4 billion, are barred from accessing the ETFs without previous Hong Kong residency. In addition, Hong Kong residents could already access the U.S. spot Bitcoin ETFsprior tothe approval of the local ETFs.<\/p>\n

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