Hong Kong Futures Funds Reach New Highs Following Bitcoin Surge
Date: 2024-02-16 Author: Dima Zakharov Categories: BLOCKCHAIN
Record-Breaking Performance:
Hong Kong-based futures ETFs have hit new all-time highs as the price of Bitcoin reached $52,800. The surge in Bitcoin's value propelled the CSOP Bitcoin Futures ETF by 3.56%. The first Bitcoin futures fund in Hong Kong hit HK$20.92 ($2.67), marking a record since its launch in December 2022. Similarly, the Samsung Bitcoin Futures Active ETF rose by 3.67% to HK$20.32, and the CSOP Ether Futures ETF increased by 4.56% to HK$15.81. Additionally, the Hang Seng Index, the main stock exchange index in Hong Kong, rose by 0.41%, indicating heightened demand for cryptocurrency futures.
Blockchain-Related Stocks:
Several stocks related to blockchain also demonstrated growth. For instance, Sinohope Technology Holdings Ltd. (formerly known as Huobi Technology) shares surged by 25% by the end of the trading day, while OSL, a cryptocurrency platform, showed a 12.6% increase in closing.
Growing Interest in ETFs:
Several Hong Kong companies have announced plans to apply for spot ETFs following statements from regional regulators expressing readiness to consider such requests. Among them is Venture Smart Financial Holdings, which plans to launch its Bitcoin ETF in the first quarter of 2024 and an Ethereum ETF by July. Additionally, Harvest Fund, the Hong Kong branch of a major Chinese asset management fund, has already filed an application for a spot Bitcoin ETF in January.
Potential Market Development:
According to Livio Weng, CEO of HashKey Exchange, around 10 major funds, including those backed by Chinese capital, are exploring the launch of potential spot cryptocurrency ETFs in Hong Kong. Experts believe their adoption could further develop the digital asset market, increase user interest, and create a more stable environment for investment.
