Hong Kong’s largest futures Bitcoin ETF surges 500% in AUM

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The belongings beneath administration of Hong Kong’s largest futures Bitcoin exchange-traded fund (ETF) have soared by 500%, reaching the $100 million mark since October 2023.

Hong Kong-based capital market agency CSOP Asset Administration revealed in an interview with Reuters that its exchange-traded product CSOP Bitcoin Futures ETF has skilled a five-fold improve in belongings beneath administration (AUM) over the previous 5 months, reaching simply over $100 million as native traders pursue the crypto rally.

Alessandro Zhu, who oversees crypto merchandise and serves because the deputy head of fastened revenue at CSOP Asset Administration, attributed the excessive demand to the launch of spot Bitcoin ETFs within the U.S., which the U.S. Securities and Alternate Fee approved in January this 12 months.

Along with the inexperienced gentle, Zhu says traders additionally consider that Bitcoin’s restricted provide — which is capped at 21 million BTC — will drive costs larger, as the most important crypto by market capitalization has already outperformed Hong Kong shares.

With buying and selling volumes rising, the common day by day turnover for the CSOP Bitcoin Futures ETF has reached the $2.8 million mark, representing a 188% improve in comparison with $0.97 million final 12 months.

Hong Kong stays a hotspot for crypto-related actions as extra monetary establishments pivot in direction of the town. As crypto.information reported, Harvest Fund Hong Kong just lately filed for a spot Bitcoin ETF with the Hong Kong Securities Regulatory Fee, in step with native authorities’ indications of willingness to approve spot crypto ETFs.

Moreover, Harvest Fund’s subsidiary, Harvest International Investments, is reportedly engaged in discussions with the Hong Kong Financial Authority regarding deliberate stablecoin trials inside regulatory sandboxes.

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