Bitcoin (BTC) rose 2.8% in 24 hours, trading above $66,500, and Ether (ETH) It advanced to $3,240, according to CoinDesk Indices data, as several providers in Hong Kong said they were approved for spot crypto exchange-traded funds (ETFs).
China Asset Management, Posera Capital and other applicants posted on social media platform WeChat (Weixin) that they have been approved to list spot bitcoin and ether ETFs in Hong Kong. However, these announcements seem to preempt an official statement from the Securities and Futures Commission (SFC), which did not disclose a list of approved issuers. Some posts have since been deleted.
The SFC did not return emails or phone calls seeking comment.
Singapore-based digital assets trading house QCP Capital said in a news release shared with CoinDesk that it hoped ETFs would open up some institutional demand during Asian trading hours when they were approved.
“Participants seeking exposure have always been limited to US hours, but this now offers institutional investors an Asian-based alternative,” QCP wrote. “We believe it's a short-term trend, but there are important narratives and drivers, such as macro events.”
