Ethereum
New Spot Bitcoin and Ethereum ETFs from Hong Kong: First week analysis
Last week, three Hong Kong issuers, China Asset Management, Bosera Asset Management and Harvest Global Investments, launched their products in the Hong Kong market. This development reflects the city-state’s interest in participating in the global crypto-ETF race. The crypto ETF market is currently dominated by the West, primarily the United States. As the East, particularly China, enters this race, it opens a new arena of direct competition between the United States and China. Let’s analyze the performance of these three ETFs to understand to what extent they have managed to turn the tide in favor of the East so far.
1. General analysis of asset management ETFs in China
ChinaAMC Bitcoin ETF and ChinaAMC ETHER ETF are the two products launched on April 30, 2024 by the issuer China Asset Management (Hong Kong) Limited.
| AND F | Bonus/DiscountMay 3 | Price | Price change | Assets under management | Volume | Turnover |
| CAM BTC | -0.10% | HK$8,085 | +8.89% | HK$970.64 million | 3.13 million | 25.14 million Hong Kong dollars |
| CAM ETH | -0.47% | HK$7,770 | +6.95% | 164.96 million Hong Kong dollars | 491.40K | 3.78 million Hong Kong dollars |
The price of CAM BTC on April 30, the day of listing, was HK$7.95; that day there was a premium of 0.06%. Although on May 1 its price dropped to HK$7.25, it had a premium of 0.17%. On May 2, its price rose slightly to HK$7.43, with a discount of -0.10%. Now it costs around HK$8,085 and represents a change of +8.89%.
The price of CAM ETH on the listing day, April 30, 2024, was HK$7.77. On that day, he had a premium of 0.08%. On May 1, its price fell to HK$7.18, but it had a premium of 0.14%. On May 3, although its price increased slightly, it received a discount of -0.47%. Now its price is HK$7,770 and it records a positive variation of +6.95%.
2. General analysis of Bosera Asset Management ETFs
Bosera Hashkey Bitcoin ETF and Bosera Hashkey Ether ETF are the two products launched on April 30, 2024 by the issuer Bosera Asset Management (International Co., Limited.
| AND F | Bonus/DiscountMay 3 | Price | Price change | Assets under management | Volume | Turnover |
| BOS HSK BTC | -0.01% | HK$50,420 | +8.80% | 472.71 million Hong Kong dollars | 248.75K | 12.47 million Hong Kong dollars |
| BOS HSK ETH | -0.47% | HK$24,820 | +7.08% | 111.78 million Hong Kong dollars | 104.62 KB | 2.56 million Hong Kong dollars |
On the day of listing, April 30, 2024, the price of BOS HSK BTC was approximately HK$49.58 and had a premium of 0.07%. On May 2, the price dropped to HK$45.12, but at a 0.03% premium. On May 3, even though its price reached HK$46.34, it had a discount of -0.01%. Currently, its price is HK$50,420 and it is recording a positive evolution of +8.80%.
On the day of listing, April 30, 2024, the price of BOS HSK ETH was HK$24.80. At that time, there was a premium of 0.13%. On May 2, it experienced a decline. The price fell to HK$22.90, but it had a premium of 0.18%. On May 3, it was discounted by -0.47%, although its price improved slightly to HK$23.18. Currently, its price is HK$24.820 and it has a positive change of +7.08%.
3. General analysis of Harvest Global Investments ETFs
Harvest Bitcoin Spot ETF and Harvest Ether Spot ETF are the two products launched on April 30, 2024 by the issuer Harvest Global Investments Limited.
| AND F | Bonus/DiscountMay 2nd | Price | Price change | Assets under management | Volume | Turnover |
| HGI BTC | +0.07% | HK$8,095 | +8.73% | HK$513.30 million | 1.66M | 13.33 million Hong Kong dollars |
| HGI ETH | +0.07% | HK$7,790 | +6.86% | 102.48 million Hong Kong dollars | 405.70K | 3.13 million Hong Kong dollars |
On the day of listing, the price of HGI BTC was HK$7.95. Notably, unlike most ETFs launched that day, on listing day it had a -0.13% discount. On May 2, 2024, its price was reduced slightly to HK$7.27, but it had a premium of 0.07%. Currently, it is priced at HK$8,095, much higher than its list price. It recorded a positive development of +8.73%.
The listing price of HGI ETH was HK$7.77. Similar to HGI BTC, on listing day, HGI ETH was at a -0.26% discount. On May 2, 2024, its price reached HK$7.20. Notably, that day, it posted a premium of +0.07%. Currently, it is priced at HK$7,790, slightly better than its list price. It presents a positive evolution of +6.86%.
Endnote
The launch of Bitcoin and Ethereum spot ETFs in Hong Kong signifies a strategic expansion of the Crypto ETF market beyond Western borders. The varied performances of ETFs from China Asset Management, Bosera Asset Management and Harvest Global Investments in the first week reflect a dynamic and evolving landscape. With price movements, premiums and discounts noted, these ETFs provide insight into investor sentiment and market trends in the East. As Hong Kong strengthens its position in the global cryptocurrency ecosystem, its success could pave the way for broader acceptance and innovation in cryptocurrency investing, potentially challenging the dominance of Western markets.