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Home»ETHEREUM NEWS»Price Rally: Hong Kong’s Ethereum ETF Rises 18% on Expectations of US Approval
ETHEREUM NEWS

Price Rally: Hong Kong’s Ethereum ETF Rises 18% on Expectations of US Approval

By Crypto FlexsMay 23, 20243 Mins Read
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Price Rally: Hong Kong’s Ethereum ETF Rises 18% on Expectations of US Approval
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In a significant development for the recently approved Ethereum ETF in Hong Kong, the ETF product launched by Chinese fund manager ChinaAMC saw a significant increase in net inflows, surpassing HK$5 million (US$640,780) as of noon on Wednesday.

The surge is the largest ever inflow, following the previous high of HK$3.77 million on Tuesday. ETF launchInvestors are expecting a similar product to be approved in the U.S. for the market’s second-largest cryptocurrency, which has contributed to increased interest in these ETFs.

Hong Kong’s Ethereum ETF breaks trading record

According to the South China Morning Post reportOn this day, over 1.28 million shares of the ETF were traded, exceeding the average daily trading volume of about 500,000 shares since its launch on April 30.

Meanwhile, two other spot Ethereum ETFs in Hong Kong issued by investment firms Harvest Global, Bosera and HashKey Capital also experienced “higher than usual” trading volume this week.. All three ETFs posted price gains of more than 18% on Tuesday.

Hong Kong’s spot cryptocurrency ETF has been hailed as a significant step toward the city becoming a virtual asset hub, but sales have remained negligible for most of the time since its launch. Trading volumes are minimal compared to the spot Bitcoin ETF in the U.S., whose product was approved in January.

SoSo Value in numbers data Bitcoin spot ETFs had total net inflows of $306 million on Tuesday, marking the seventh straight day of net inflows.

The daily net outflow of Grayscale’s ETF, Grayscale Bitcoin Trust (GBTC), was $0.00, the daily net outflow of BlackRock’s ETF IBIT was $290 million, and the total net asset value of the Bitcoin spot ETF was $0.00. was 58.91 billion dollars.

market optimism

ETFs are seen as an important vehicle to attract mainstream investors into volatile virtual assets and potentially drive up prices. However, the initial impact of Hong Kong’s ETF launch on the global cryptocurrency market appears to be relatively minimal.

Bloomberg analysts pointed out that Hong Kong’s ETF market is much smaller than that of the United States. Nonetheless, they argue that Asia’s first urban spot cryptocurrency ETF plays a pivotal role. Global adoption Acceptance of virtual assets.

The recent surge in Ethereum ETF trading volume in Hong Kong coincides with a significant rise in the prices of cryptocurrencies such as: report This means that the U.S. Securities and Exchange Commission (SEC) is more likely to approve a spot Ethereum ETF.

Bloomberg Intelligence ETF analysts Eric Balchunas and James Seyffart recently increased their odds estimates. approval In the case of the U.S. Ethereum ETF This goes from 25% to 75%, indicating that the SEC’s position on the product is likely to change.

ETH, the second-largest cryptocurrency by market capitalization, experienced a price surge of more than 20% this week, surpassing $3,700. The largest cryptocurrency also rose about 4% to surpass US$71,000.

The daily chart shows the ETH price trending upward. Source: ETHUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

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