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From April 30 to now, six virtual asset spot ETFs in Hong Kong have been listed and traded for half a month. How is the market performance? Will the highly anticipated physical subscription and redemption and the Ethereum spot ETF launched earlier than the United States bring new growth to the Hong Kong market? What other stories are worth looking forward to in the future market? With these questions, OKLink Research Institute reviewed the development of the Hong Kong virtual asset ETF market in the past half month based on data.
1. Hong Kong virtual asset ETF market performance in the past half month
The issuance scale of three Bitcoin spot ETFs in Hong Kong reached US$248 million on the first day of April 30, far exceeding the initial issuance scale of about US$125 million of the US Bitcoin spot ETF on January 10 (excluding Grayscale). However, the subsequent market performance was not as optimistic as expected: according to incomplete statistics from the OKLink Research Institute, as of May 15, 2024, the total asset management scale of six Hong Kong virtual asset spot ETFs exceeded HK$2 billion (about US$264 million), of which Huaxia Bitcoin asset management scale reached HK$816 million, close to 40% of the total, and the current scale of other spot ETFs is less than HK$500 million. Although it pales in comparison with the scale of the US Bitcoin spot ETF (about US$51.4 billion), considering the comparison of the ETF market scale of Hong Kong (US$50 billion) and the United States (US$8.5 trillion), the impact of the US$264 million virtual asset spot ETF on Hong Kong's local financial market is equally huge.

On May 9-10, Bitcoin Asia was held in Hong Kong, where many giants gathered and spoke freely. Among them, Han Tongli, CEO of Harvest Fund, discussed the possibility of incorporating BTC and ETH ETFs into the ETF Connect program, which is part of the broader "Stock Connect" program launched in 2014 to connect Hong Kong and mainland China exchanges.
It sounds very exciting. If the plan can be realized, it does mean that mainland residents can buy BTC and ETH ETFs. Han Tongli further stated, "As long as everything goes well in the next two years, we do not rule out applying to include our ETF in the interconnection plan."