Hong Kong's decisive shot, the Asian crypto war begins!

The pilot program for perpetual contracts has landed, and Hong Kong has opened the green light for major players (individuals with 8 million / institutions with 40 million in assets), targeting unlimited futures for Bitcoin and Ethereum.

Why? Coinbase's derivatives trading volume in the first quarter reached 803.6 billion, double that of spot trading, and exchanges are making a fortune (with revenue accounting for 60%)! Hong Kong is filling the gap in derivatives, clearly aiming to attract international capital while also pushing the U.S. to approve the Ethereum spot ETF (currently stuck).

Trading volume is expected to rise by 50%, with licensed exchanges like HashKey and traditional brokerages already in place. But don't get carried away—Hong Kong's market size is 50 billion, making it just a younger brother compared to the U.S. When leverage is high, a sudden spike can lead to liquidation in no time (refer to the FTX disaster).

Hong Kong is attracting institutions with tax incentives (rumored profit tax close to 0%) and compliant channels, but retail investors should be cautious! If you want stability, wait for the spot ETF.

Hong Kong vs. Singapore, who will become Asia's crypto leader? Singapore is aggressively issuing licenses, but Hong Kong has the backing of mainland talent and financial foundation. Follow for updates, next issue will analyze whether Bitcoin will soar! Do you think Hong Kong can make a comeback? $BTC #香港加密货币ETF