Key Points:
The move is a departure from the cautious stance the United States Securities and Exchange Commission has taken toward similar applications.
The SEC has reacted skeptically to a staking feature included in Ethereum ETF applications in the United States, and applicant companies revised their applications to remove the controversial element. But Hong Kong has been more aggressive, first approving spot Ethereum ETFs ahead of the United States and now seeking to negotiate with issuer companies to add the staking feature.
News of this development coincided with a surge in the price of ETH, which erupted to $3,900 following word of the deal.
Meanwhile, the Hong Kong Ethereum ETF launched by Chinese fund manager ChinaAMC has seen significant net inflows, reaching more than HK$5 million (US$640,780) by mid-day Wednesday. That followed Tuesday’s record HK$3.77 million net inflow — the largest since the ETF launched.
The other two Hong Kong Ethereum ETFs, issued by investment firms Harvest Global, Bosera, and HashKey Capital, have seen increased trading volumes this week as well. On Tuesday alone, the prices of all three ETFs surged more than 18%.
Encouraging signs, but generally speaking, the turnover of Hong Kong’s spot crypto ETFs has been modest since the beginning. But Hong Kong hopes to become one of the most prominent hubs for virtual assets; still, it wants to catch up with the heavy trading volumes enjoyed by spot Bitcoin ETFs trading in the United States.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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