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Cryptocurrency News Articles

Hong Kong Crypto ETFs Falter Despite US Success, Signaling East-West Market Disconnect

Sep 10, 2024 at 11:01 pm

The January launch of spot Bitcoin ETFs marked a significant step toward legitimizing cryptocurrency as a mainstream financial asset. Hong Kong (HK) quickly followed suit, approving crypto ETF products in April, hoping to mirror the success seen in the US market.

Hong Kong Crypto ETFs Falter Despite US Success, Signaling East-West Market Disconnect

input: Hong Kong crypto ETFs have struggled to gain traction since launching in April, with investor interest remaining lukewarm. Those who did invest faced negative returns, while inflows stayed stubbornly low. Here's a closer look at what went wrong.

Crypto ETFs were introduced in Hong Kong with high expectations in April, following the success of similar products in the US. However, nearly six months later, the HK market has struggled to gain traction as negative returns and low inflows dampened investor interest.

Data from SoSoValue showed that HK’s Bitcoin and Ethereum ETFs have struggled to attract significant inflows since April. The three Bitcoin funds have collectively garnered only 570 BTC, while the Ethereum funds have accumulated just 270 ETH during this period.

To make matters worse, all six crypto ETFs posted negative returns by August. The Bosera HashKey Bitcoin ETF fared best at -4.7%, while the Bosera HashKey Ether ETF struggled, losing 20.9%.

Meanwhile, US Bitcoin ETFs have seen inflows totaling $16.9 billion, highlighting the disparity between the two markets. This stark difference has prompted analysts to examine the reasons behind HK’s crypto ETF woes.

Several factors appear to have contributed to the underwhelming performance of crypto ETFs in Hong Kong.

Impact of Bitcoin Price Movements

The timing of crypto ETF launches in Hong Kong played a crucial role in their performance. Notably, the majority of Bitcoin’s gains for the year occurred in Q1, before the ETFs were introduced in the market.

After peaking in March, Bitcoin price movements were largely influenced by geopolitical and macroeconomic headwinds, impacting the overall gains for the year. This affected the returns generated by crypto ETFs, which ultimately influenced investor interest and participation.

According to a report by DBS Group Holdings, the US election also impacted the uptake of crypto ETFs in HK. Cryptocurrency became a campaign topic, influencing investors in HK to gauge how election results might affect the crypto sector post-election.

Local Investors Preferring Direct Holdings

Another factor affecting the performance of crypto ETFs in HK is the preference of many local investors to hold Bitcoin or Ethereum directly rather than through ETFs.

According to Bartosz Lipinski, Cube.Exchange CEO, local investors prefer to avoid management fees and maintain control over their assets, which ultimately limited the appeal of ETF products.

However, Lipinski also highlighted that crypto ETFs in HK are still in their early stages and might require more time to gain momentum.output

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