Surge in Trading and Net Inflows
Hong Kong’s Ethereum ETFs have seen a massive increase in activity, with the ETF from ChinaAMC receiving over $640,000 in net inflows by Wednesday afternoon. This surge follows a record-breaking $3.77 million inflow on Tuesday, driven by anticipation of similar ETF approvals in the United States.
Record-Breaking Trading Volumes
The Ethereum ETF from ChinaAMC witnessed over 1.28 million shares traded on Tuesday, exceeding its average daily volume of 500,000 since its launch. The other two Ethereum ETFs in Hong Kong, from Harvest Global, Bosera, and HashKey Capital, have also reported higher-than-usual trading volumes this week.
Price Rally
All three ETFs experienced an increase of over 18% on Tuesday. While Hong Kong’s spot crypto ETFs have been hailed as a significant step, their turnover has been modest compared to Bitcoin ETFs in the US.
Market Optimism
ETFs are seen as a way to attract mainstream investors to cryptocurrencies. Analysts believe that Hong Kong’s spot crypto ETFs are playing a key role in the global adoption of virtual assets.
US Approval Hopes
The recent surge in Ethereum ETF trading volume coincides with a rally in cryptocurrency prices. Reports suggest that the US Securities and Exchange Commission (SEC) is likely to approve spot Ethereum ETFs, which has boosted investor sentiment.
Cryptocurrency Price Surge
Ethereum (ETH), the second-largest cryptocurrency, has surged over 20% this week, surpassing $3,700. Bitcoin has also climbed by approximately 4%, exceeding $71,000.
