After the SEC approved spot Bitcoin ETFs in January, BTC ETFs started to be discussed in other countries, while an approval for spot Ethereum ETFs is also expected.
However, Hong Kong may overtake the US in Ethereum ETFs. While spot Bitcoin ETF applications continue rapidly in Hong Kong, it was stated that spot Ethereum ETF approval was also discussed.
According to local Hong Kong media stheadline, 10 financial institutions plan to apply to launch Bitcoin spot ETFs in Hong Kong.
It was also reported in the news that Ethereum spot ETFs are already being discussed in Hong Kong.
Some people in the industry expect BTC ETFs to be launched as soon as possible, noting that the lack of availability of spot Bitcoin ETF products in Asia has turned Asian investors towards US ETFs and that this is a risk for Asia.
These people also noted that Hong Kong's spot Ethereum ETF is under heavy preparation.
At this point, HashKey Group COO Weng Xiaoqi said:
“Delaying the launch of spot ETFs in Hong Kong by half a year also means that the entry of US capital into the market will be six months later.
We will then face higher acquisition costs and entry points and have to run the risk of being locked out by US capital.
“Furthermore, Hong Kong will have the opportunity to become a leader in this space if ETH ETFs are launched earlier than the United States.”
As is known, although Hong Kong opened applications for Bitcoin spot ETFs at the end of December last year, there are no products related to this in the market.
*This is not investment advice.