Hong Kong's Crypto Exchange-Traded Funds Record Biggest Day in Trading Volume

As global markets swooned on Monday, Hong Kong's six spot digital asset ETFs total trades in Hong Kong's six crypto ETFs hit $30.8 million.

Hong Kong’s crypto exchange-traded funds (ETFs) saw a record day in trading volume on Monday, as global markets took a downturn.

According to data from OSL, a digital assets platform that serves as a custodian and trading partner for two of the ETF issuers, total trades in Hong Kong’s six spot digital asset ETFs hit $30.8 million.

This marks the highest volume since the funds debuted on April 30. Of the total, the Bitcoin ETFs recorded a volume of over $26.1 million, while the three Ethereum funds notched $4.7 million.

However, despite this surge, volumes tapered off on Tuesday, underscoring the challenges that Hong Kong’s ETFs face in terms of garnering consistent traction.

According to data from ETFLogic, assets under management (AUM) for all Hong Kong virtual asset spot ETFs now stand at $276 million—a small fraction of the volumes witnessed in their US counterparts.

The three spot Ethereum ETFs have not seen any flows since July 17, according to Coinglass. Meanwhile, the last flow for the spot Bitcoin ETFs was an outflow of $414,000 on July 31.

Nevertheless, some companies are making efforts to boost activity through rollouts to local investors. For instance, Mox, a virtual bank and subsidiary of Standard Chartered, announced this week that it will be offering crypto ETF trading for its customers.

This initiative forms part of a broader strategy to expand crypto product offerings, which also includes direct purchases and trading opportunities.

In other news, the CSOP Bitcoin Futures Daily (-1x) Inverse Product also saw record activity, with a daily volume of $230,800 on Monday, which dropped to $48,600 on Tuesday.

Launched at the end of July, the product is designed to take advantage of Bitcoin’s volatility.

“Bitcoin has been the most erratic among major global assets in the last ten years,” the product noted.

“With no intrinsic value, its price is highly volatile and speculative, influenced by market demand and supply, as well as market news and rumors.”

Callan Quinn is DL News’ Hong Kong-based correspondent. Get in touch at callan@dlnews.com.

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