Bitcoin (BTC) and ether (ETH) have witnessed an increase in their trading values, with BTC trading above $66,500, marking a 2.8% rise over 24 hours, and ETH advancing to $3,240. This bullish trend seems to follow from several issuers in Hong Kong revealing that they’ve received approval for spot crypto exchange-traded funds (ETFs).
Groups like China Asset Management and Bosera Capital shared on the social-media platform WeChat that they’d got the green light to list bitcoin and ether ETFs in Hong Kong. However, no official confirmation has been issued by the Securities and Futures Commission (SFC), Hong Kong’s markets regulator. Some of these posts on WeChat have since disappeared, and the SFC remains silent on the issue.
Singaporean digital assets trading house QCP Capital believes that if approved, these ETFs could potentially unlock institutional interest during Asian trading hours. Until now, institutional involvement was mostly limited to the U.S hours. The firm asserts that this expansion could strengthen the market in the short term, although it emphasizes that important factors such as macro events continue to influence the market in a significant way.