Spot ETF products for more altcoins may be on the way in Hong Kong, following Bitcoin and Ethereum ETFs.
OKX’s Hong Kong affiliate, OKLINK, has announced that there is potential for more Tier 1 (L1) tokens like Solana to be accepted as ETFs in the future. This development follows the recent approval of a spot ETF for Ethereum operating on Proof of Stake (POS) in Hong Kong.
The first-day issuance scale of the three Hong Kong Bitcoin spot ETFs reached US$248 million on April 30, well exceeding the initial launch scale of the US Bitcoin spot ETF (excluding Grayscale), which was approximately US$125 million on January 10.
However, subsequent market performance was not as optimistic as expected. 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), while China Asset Management’s Bitcoin asset management scale was 816 million, about 40% of the total. He invented the Hong Kong Dollar.
While these figures pale in comparison to the size of the US Bitcoin spot ETFs (about $51.4 billion), considering the size of the ETF market in Hong Kong ($50 billion) and the US ($8.5 trillion), Hong Kong’s local financial Its impact on the market is quite significant.
