Investors in Asia now have new spot ETFs for Bitcoin and Ethereum. This time, investment instruments were approved in Hong Kong. It is expected that this event will be another powerful stimulus for the further growth of the coin industry, since the earlier listing of spot Bitcoin ETFs in the United States led the main cryptocurrency to a new historical maximum rate.

New Bitcoin ETFs

According to Cointelegraph journalists, Hong Kong’s Securities and Futures Commission (SFC) has approved the first Bitcoin spot ETFs today, April 15. We are talking about trading instruments from China Asset Management, Harvest Global, Bosera and HashKey.

Late last week, Bloomberg analysts noted that Hong Kong’s regulator had accelerated the approval process for four ETFs and would approve them as early as Monday.

As it has now become clear, regulators have indeed approved the relevant applications. The corresponding data is confirmed by The Block. 

It will take about two weeks for the ETF to be listed on the Hong Kong Stock Exchange following the regulator’s positive decision on the first set of spot exchange-traded funds.

An important difference between the new tools will be that they will allow local investors to make money on the dynamics of the BTC price without the need to store the coins themselves.In the case of American ETFs, this property of funds has become extremely attractive – the launch of instruments has proven to be record-breakingly successful in many respects, while the role of a custodian company for storing coins is mainly performed by the Coinbase crypto exchange.

Inflows into the crypto market through US ETFs have accounted for 75 percent of all investments in the industry since exchange-traded funds were approved in the US in January. Thanks to them, the main cryptocurrency managed to break above the level of $50 thousand and reach a new all-time high in March.

The current all-time high for Bitcoin is $73,777. The coin reached this mark on the Binance trading platform.

Apparently, large investment funds and regulators are at the same time confident in the prospects for the further development of cryptocurrencies. As the US experience has shown in the first months of 2024, Bitcoin-based exchange-traded funds are attracting incredible investor attention. And since a new bull run has definitely begun on the market, this trend will most likely only intensify.