Hong Kong Launches Bitcoin and Ether ETFs, Debut Day Trading Volumes Fall Short

Hong Kong launched its first bitcoin and ether exchange-traded funds, which had lower-than-expected trading volumes, totaling just over $11 million on their debut day. Bitcoin ETFs accounted for $8.5 million in volume while ether ETFs saw $2.5 million. Issuers had projected over $100 million in initial volume. Ether ETFs are allowed in Hong Kong, unlike in the U.S. where the SEC has not clarified whether ether is a security. The soft debut volume may raise questions about the appetite for crypto ETF products in Hong Kong versus other markets.