CSOP Asset Administration, a capital market agency in Hong Kong, disclosed in an interview with Reuters that its exchange-traded product, the CSOP Bitcoin Futures ETF (3066.HK), has witnessed a surge in property below administration (AUM) over the previous 5 months.
The ETF’s Belongings Below Administration (AUM) has soared five-fold to over $100 million.
Rising Buying and selling Volumes and AUM
Concerning buying and selling volumes, the CSOP Bitcoin Futures ETF has elevated in common every day turnover, reaching $2.8 million this yr in comparison with $0.97 million final yr.
The expansion in AUM will not be restricted to Bitcoin alone; the CSOP Ether Futures ETF (3068.HK) has additionally skilled a surge in AUM, doubling over this yr.
As famous by Alessandro Zhu, Deputy Head of Mounted Earnings at CSOP Asset Administration, the surge in demand has primarily been pushed by varied components. These embrace the current approval and launch of spot Bitcoin ETFs within the U.S., which have sparked investor enthusiasm as a result of perceived potential for additional worth appreciation ensuing from BTC’s restricted provide.
Bitcoin’s robust efficiency relative to Hong Kong shares on the Hold Seng Index (.HSI) has additionally amplified investor curiosity within the asset.
Zhu additionally famous that regardless of cryptocurrency buying and selling being prohibited in mainland China, offshore Chinese language monetary establishments have been actively investing in Bitcoin ETFs in Hong Kong, benefiting from town’s regulatory framework. This inflow of institutional capital and the rising retail curiosity have propelled the CSOP Bitcoin Futures ETF to new heights.
Market Gamers Eye Crypto-Pleasant Future
Market members anticipate additional developments within the Hong Kong ETF panorama, with expectations rising for approving the primary spot Bitcoin ETF.
Kennix Chan, government director of Victory Securities, highlighted the promising indicators, citing a big variety of spot Bitcoin ETF functions submitted to the Hong Kong Securities and Futures Fee in current months.
Amidst these developments, Hong Kong continues to solidify its place as a hotspot for crypto-related actions. Harvest Fund Hong Kong lately filed for a spot Bitcoin ETF with the Hong Kong Securities Regulatory Fee.
In the meantime, discussions are underway between Harvest International Investments, a subsidiary of Harvest Fund, and the Hong Kong Financial Authority relating to deliberate stablecoin trials inside regulatory frameworks.
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