Hong Kong spot bitcoin ETFs hit $14 million in daily volume — the highest since August
Quick Take
- On Monday, the three spot bitcoin ETFs in Hong Kong posted their largest single-day trading volume since Aug. 5.
- The price of bitcoin continues to reach new highs.
Spot bitcoin exchange-traded funds in Hong Kong recorded nearly $14.3 million in daily trading volume on Monday — marking their largest single-day volume since Aug. 5 amid a broader crypto market rally.
The three spot bitcoin ETFs in Hong Kong typically see lackluster trading volume. Still, last week, they recorded a trading volume of over HK$120 million ($15.4 million), up from HK$80.2 million recorded in the previous week, according to local crypto exchange OSL, citing data from the Hong Kong Stock Exchange.
On Monday, the three ETFs saw 37.77 BTC ($3.3 million) in inflows, the largest daily inflows since Aug. 22. The China AMC bitcoin ETF was the only ETF to record positive flows on the day, with 47.75 BTC flowing into the product, according to data from SoSoValue. The Bosera HashKey BTC ETF recorded outflows of 9.97 BTC, while Harvest’s ETF logged zero flows.
The increase in trading volume came as bitcoin reached new highs over the past few days, with pro-crypto sentiment growing following U.S. President-elect Donald Trump’s victory last week.
“OSL’s trading desk has seen a significant uptick in inflows of Hong Kong's spot ETH and BTC ETF subscriptions, particularly since last Friday,” Alex Tseng, head of sales trading of OSL, which serves as sub-custodian for the ChinaAMC and Harvest spot crypto ETFs, told The Block. “This surge in trading activities reflects a heightened market sentiment, as traders seek to capitalize on the favorable conditions stemming from political developments and clarity following the U.S. elections, alongside the broader adoption of cryptocurrency," Tseng said.
Jeffrey Ding, chief analyst of HashKey Group, said that Trump is the “most bitcoin-friendly president,” and that he has promised during his campaign to include bitcoin in government reserves and establish a presidential advisory council, among other policies. “The gradual implementation of these measures will create a more favorable market environment for bitcoin, expanding its potential for growth,” Ding said.
Meanwhile, spot bitcoin ETFs in the U.S. posted daily net inflows of $1.1 billion on Monday, which marks the second time the funds collectively drew in over $1 billion, following inflows of $1.38 billion recorded on Nov. 7.
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