First Bitcoin and Ether ETFs Rise In Hong Kong

In Hong Kong, which changed its stance against cryptocurrencies and competed with Singapore to become a center in this sense, Bitcoin and Ether ETFs completed their first day of listing on the stock market. Despite the declines in cryptocurrencies today, both funds ended the day with a rise.

In Hong, Bitcoin and Ether ETFs are now officially listed on the stock market. Bitcoin ETF, one of the futures mutual funds, closed the day with 0.5% and the Ether ETF with 0.4 increases. Of the two products, it was stated that the Bitcoin ETF saw more trading volume.

In a statement on ETFs, Wilfred Yiu, head of markets at the Hong Kong exchange, emphasized the importance of these products for digital asset advancement in Asia and said:

“The two crypto ETFs make it much easier for investors to access digital assets and clearly demonstrate Asian appetite for it.”

As it will be remembered, Bitcoin ETFs were approved for the first time in the USA in October last year, and this allowed the largest cryptocurrency to reach $ 69 thousand in November. However, the SEC approved futures ETFs, not spot ones, and rejected all subsequent Bitcoin spot ETF applications.