1 week Ago By Xinmei Shen
Hong Kong’s three ETFs that invest directly in bitcoin this week became active trading targets with about HK$135 million (US$17.3 million) changing hands on Tuesday. On most days since the ETFs launched in April, their total daily trading volume lingered below US$4 million.
The Asian financial centre’s ambition to turn into a virtual asset hub is facing increased competition with Trump’s return to the White House, as the former president pledged to make the US the “crypto capital” of the world. “Historically, the crypto ETFs in Hong Kong were less in the spotlight as most larger institutional investors can simply buy the ones in the US, which are larger and more liquid,” said Jeff Mei, chief operating officer of cryptocurrency exchange BTSE. “The recent surge in interest in Hong Kong indicates that there is more and more demand from local retail investors, wealth managers, and smaller institutional investors who prefer to have their investments denominated in Hong Kong dollars,” Mei said.
Bitcoin, the world’s largest cryptocurrency, this week jumped more than 10 per cent to reach an all-time high above US$93,000. The token has gained 35 per cent over the past month as US election polls swung in Trump’s favour. The price has nearly doubled so far this year.
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