Hong Kong Approves Bitcoin ETFs, Trading Starts April 30th
Hong Kong financial regulators have officially approved Spot Bitcoin and Ethereum ETFs to begin trading on April 30th. Specifically, Bloomberg analysts revealed the in-kind creation ETF model for BTC and ETH is set to debut in just six days.
Tweet on BTC ETFs in Hong Kong
Hong Kong Approves Bitcoin & Ethereum ETFs, Trading Starts April 30th, via @CoinDesk #btc #ETFs #Ethereum https://t.co/v0uuUALUy8
— The_Journalbiz (@the_journalbiz) April 24, 2024
Coindesk on BTC ETFs
In 2024, the United States made a landmark decision with the approval of 11 Spot Bitcoin ETFs. The US Securities and Exchange Commission (SEC) had greenlit the investment products that were poised to have a massive impact on the market. Subsequently, Hong Kong followed suit, approving Bitcoin and Ethereum ETFs in mid-April.
The arrival coincides with the United States’ continued struggle to see a Spot Ethereum ETF approved. Standard Chartered Bank has recently reversed its previous forecast for the ETF’s arrival. Subsequently, the market is not expected to see the ETH offering arrive in May.
Conversely, Hong Kong is set to see massive competition in the ETF space persist. With the impending approvals, there is likely to be an ongoing race for the lowest fees for the products.
Altogether, that should greatly impact Bitcoin. Over the last seven days, BTC has increased more than 6% according to CoinMarketCap. The presence of these investment offerings in Hong Kong should only positively affect those figures.
