The first-day trading volume of 6 Bitcoin and Ethereum spot ETFs in Hong Kong was HK$87.58 million! Less than 1% when listed in the United States

This site (120bTC.coM): 6 Bitcoin and Ethereum spot ETFs (Boshi International, China Asset Management, Harvest International) approved by the Hong Kong Securities Regulatory Commission yesterday (30) It was officially listed on the Hong Kong Stock Exchange on the same day, but it immediately encountered currency price headwinds. Early this morning, BTC once fell to 59,177 US dollars, and is still trying to stabilize at the 60,000 mark.

The trading volume of the six ETFs on the first day was HK$87.58 million.

According to statistics from the Hong Kong Stock Exchange, the total trading volume of the six ETFs on the first day was HK$87.58 million (approximately US$11.2 million). According to the transaction The order of volume is:

• China Bitcoin ETF (3042.HK) reached HKD 37.16 million

• China Ethereum ETF (3046.HK) Reaching HK$12.66 million

• Harvest Bitcoin Spot ETF (3,439.HK) reached HK$17.89 million

• Boshi HashKey Bitcoin ETF (3008.HK) HK) The transaction amount was approximately HK$12.44 million

• Harvest Ethereum Spot ETF (3179.HK) reached HK$4.95 million

• HashKey Ether ETF (3009.HK) reached HK$2.48 million

Compared to the total trading volume of the 11 U.S. Bitcoin spot ETFs on the first day of official trading (1/11) exceeding US$4.6 billion , less than 1% of it.

However, at that time, Grayscale’s GBTC trading volume accounted for about half (2.32 billion U.S. dollars, mostly due to profit-taking selling pressure), and BlackRock’s IBIT ranked second with 1 billion U.S. dollars. , Fidelity’s FBTC ranked third with a trading volume of US$710 million.

First-day trading volume of 11 Bitbit spot ETFs in the United States

Now it seems that although Hong Kong’s ETFs can adopt physical delivery, they do not seem to be able to become A very big incentive to buy. On the other hand, investors in mainland China are currently not allowed to invest in Hong Kong’s cryptocurrency spot ETFs. Will there be corresponding regulatory adjustments in the future to bring more incremental funds? Continuous observation is also required.

The current prices of the six ETFs

According to data from the Hong Kong Stock Exchange, the current prices of the six ETFs as of the time of publication are as follows:

• Boshi Ethereum ETF ( 3009.HK) is currently quoted at HKD 24.8

• Boshi Bitcoin ETF (3008.HK) is currently quoted at HKD 49.58

• Harvest Ether ETF ( 3179.HK) is currently quoted at HK$7.7

• Harvest Bitcoin ETF (3439.HK) is currently quoted at HK$7.95

• China Ethereum ETF( 3046.HK) is currently quoted at HK$7.77

• China Bitcoin ETF (3042.HK) is currently quoted at HK$7.95

Differences in the issuance mechanism of the six spot ETFs

In terms of management fees:

• The annual management fee for Harvest Bitcoin and Ethereum spot ETFs is 0.3 of the net asset value %, exempted for the first 6 months from the listing date

• The annual management fee of Boshi Bitcoin and Ethereum spot ETFs is 0.6% of the net asset value, starting from the listing date on April 30 The fees will be temporarily reduced until August 2024

• The annual management fee for China Bitcoin and Ethereum spot ETFs is 0.99%

In terms of issuance price :

• Harvest International and Huaxia (Hong Kong)’s products are issued at US$1 per share

• The initial issuance of Boshi Bitcoin and Ethereum spot ETFs The prices are basically consistent with 1/10000 and 1/1000 of the tracking index on April 26, 2024. That is, the converted net value of fund shares corresponds to the price of approximately 0.0001 Bitcoins and the price of 0.001 Ethereums, which means that holding 10,000 shares is approximately Equivalent to 1 Bitcoin, 1,000 shares are approximately equivalent to 1 Ethereum.

From the perspective of trading units:

• Harvest International’s Bitcoin/Ethereum Spot ETF 1 The primary market application is at least 100,000 shares (or multiples thereof), and the minimum trading unit in the secondary market is 100 shares

• The primary market application for Boshi Bitcoin Spot ETF is 50,000 shares (or Its multiple), the minimum buying and selling unit in the secondary market is 10 shares, the Ethereum spot ETF is a primary market application is 100,000 shares (or its multiple), the minimum buying and selling unit in the secondary market is also 10 shares.

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