The launch of a cryptocurrency exchange-traded fund (ETF) in Hong Kong fell short of expectations, with trading volumes significantly lower than expected.
Crypto ETF trading volume in Hong Kong totaled just over $11 million, with Bitcoin ETFs accounting for $8.5 million and Ether ETFs accounting for $2.5 million. This figure pales in comparison to initial expectations that it would exceed $100 million, as reported by local media.
Hong Kong allows Ether ETFs in its market, but Chinese regulators do not share the same concerns about Ether being classified as a security as their counterparts in the United States.
On the other hand, the launch of the U.S. Ether ETF is being delayed due to regulatory uncertainty. The U.S. Securities and Exchange Commission (SEC) has not clearly stated whether Ethereum is suitable as a security, so the listing of the ETF is being delayed.
Ether ETFs are already listed on the Toronto Stock Exchange through issuers such as Evolve and Purpose Investments.
On the first day of trading in the U.S., total trading volume for the Ether ETF reached $655 million. Meanwhile, the price of Bitcoin fell slightly by more than 1% to trade near $62,100, according to CoinDesk index data.
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