SUMMARY
- Hong Kong’s spot bitcoin ETFs saw their highest trading volume since August 5, hitting $14 million.
- Bitcoin’s price continues to set new records amidst this surge in ETF activity.
Hong Kong’s spot bitcoin ETFs experienced a notable surge in trading movement, reaching roughly $14.3 million in daily volume on Monday—the most noteworthy single-day figure since August 5. This boost in volume aligns with a broader rally in the cryptocurrency market and comes as bitcoin touched new highs amid optimistic market sentiment following U.S. President-elect Donald Trump’s triumph. Generally, these three Hong Kong-based bitcoin ETFs have appeared muted trading activity, however, last week saw a significant uptick with volumes surpassing HK$120 million ($15.4 million), altogether higher than the HK$80.2 million of the previous weeks, as per information from the Hong Kong Stock Exchange and OSL.
On Monday alone, the three ETFs recorded inflows measuring 37.77 BTC, equivalent to $3.3 million—the most noteworthy daily influx since August 22. Outstandingly, the China AMC bitcoin ETF led with positive inflows of 47.75 BTC. In contrast, the Bosera HashKey BTC ETF saw surge of 9.97 BTC, and Harvest’s ETF experienced no development. This increment came during a broader surge in Bitcoin’s market performance, reinforced by investor enthusiasm following recent political developments in the U.S.
The head of sales trading at OSL, the sub-custodian for the ChinaAMC and Harvest ETFs, Alex Tseng, pointed out that since last Friday, trading desks have seen a rise in inflows into Hong Kong’s spot bitcoin and Ethereum ETFs. Tseng attributed this increase to positive market circumstances driven by post-election clarity and more realistic adoption opportunities. President-elect Trump’s pro-bitcoin stance, which includes possible plans to include bitcoin in government reserves and create a presidential advisory council, could foster a more stable market environment, which would increase bitcoin’s development potential, according to Jeffrey Ding, chief analyst at HashKey Group, who bolstered this optimism.
In comparison, spot bitcoin ETFs in the U.S. moreover saw vigorous performance, with net inflows hitting $1.1 billion on the same day, stamping the second occurrence of such critical inflows after the $1.38 billion noted on November 7. This parallel increment underscores the reinforcing global sentiment and vital positioning of investors in the midst of advancing political and economic scenes.