On Tuesday (April 30), Asia's first batch of virtual asset spot ETFs debuted on the Hong Kong Stock Exchange. However, analysts said that due to restrictions on mainland Chinese investors not being able to buy and sell, as of the close, the trading volume of virtual asset spot ETFs was about HK$87.58 million, far less than the more than US$4.6 billion on the first day of the US customs clearance.

Although not as large as the US trading volume, this move is still a milestone, not only providing new investment options for the Asian market, but also testing Hong Kong's progress in becoming a virtual asset business center.

As of the close, the total trading volume of the six first batch of virtual asset spot ETFs issued in Hong Kong reached about HK$87.58 million.

Among them, the trading volume of Huaxia Bitcoin ETF was HK$37.16 million; the trading volume of Huaxia Ethereum Spot ETF was HK$12.66 million;

The trading volume of Bosera HashKey Bitcoin Spot ETF was HK$12.44 million; the trading volume of Bosera HashKey Ethereum Spot ETF was HK$2.48 million;

The trading volume of Harvest Bitcoin Spot ETF was HK$17.89 million; the trading volume of Harvest Ethereum Spot ETF was HK$4.95 million.

Livio Weng, chief operating officer of HashKey Group, said at a press conference on Tuesday that trading volume of virtual asset spot ETFs in Hong Kong is expected to reach 20% of that in the United States in about a year.

Market makers are expected to contribute the majority of the first-day trading, so it remains to be seen how demand for these products will be maintained in the coming days and weeks.

Chinese online broker Tiger Brokers said in a statement on Monday that it is providing platform fee exemptions for virtual asset spot ETFs.

HashKey Capital said in a statement that non-Hong Kong residents can buy virtual asset spot ETFs as long as they pass the local "know your customer" (KYC) requirements.

An industry insider said that while this means that mainland Chinese investors with Hong Kong bank or brokerage accounts can technically use these ETFs, investing in these products is still difficult because mainland ID cards may not pass the KYC procedures of brokerage platforms.

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