Analysis of Hong Kong’s New Bitcoin and Ethereum ETFs in the First Week

Last week saw the launch of three cryptocurrency exchange-traded funds (ETFs) in the Hong Kong market, signaling the city-state’s entry into the global crypto ETF race. Currently, the crypto ETF market is dominated by the United States, but with China and other Asian countries stepping in, a new competition between the East and the West is emerging. In this article, we will analyze the performance of these three ETFs to gauge their success in favor of the East.

1. China Asset Management ETFs General Analysis
China Asset Management (Hong Kong) Limited launched two products on April 30, 2024: the ChinaAMC Bitcoin ETF and the ChinaAMC ETHER ETF.

ETFs
Premium/Discount
On May 3rd
Price
Price Change
AUM
Volume
Turnover
CAM BTC
-0.10%
HK$8.085
+8.89%
HK$970.64M
3.13M
HK$25.14M
CAM ETH
-0.47%
HK$7.770
+6.95%
HK$164.96M
491.40K
HK$3.78M

On the day of listing, April 30, the price of CAM BTC was HK$7.95, with a premium of 0.06%. However, on May 1, the price slipped to HK$7.25, but still had a premium of 0.17%. On May 2, the price slightly climbed to HK$7.43, with a discount of -0.10%. Currently, it is priced at around HK$8.085, marking a change of +8.89%.

CAM ETH’s price on the day of listing, April 30, 2024, was HK$7.77, with a premium of 0.08%. On May 1, the price decreased to HK$7.18, but it still had a premium of 0.14%. On May 3, despite a slight increase in price, it had a discount of -0.47%. Currently, its price is HK$7.770, showing a positive change of +6.95%.

2. Bosera Asset Management ETFs General Analysis
Bosera Asset Management (International Co., Limited) launched two products on April 30, 2024: the Bosera Hashkey Bitcoin ETF and the Bosera Hashkey Ether ETF.

ETFs
Premium/Discount
On May 3rd
Price
Price Change
AUM
Volume
Turnover
BOS HSK BTC
-0.01%
HK$50.420
+8.80%
HK$472.71M
248.75K
HK$12.47M
BOS HSK ETH
-0.47%
HK$24.820
+7.08%
HK$111.78M
104.62K
HK$2.56M

On the day of listing, April 30, 2024, the price of BOS HSK BTC was around HK$49.58, with a premium of 0.07%. On May 2, the price slipped to HK$45.12, but it still had a premium of 0.03%. On May 3, despite reaching HK$46.34, it had a discount of -0.01%. Its current price is HK$50.420, showing a positive change of +8.80%.

On the day of listing, April 30, 2024, the price of BOS HSK ETH was HK$24.80, with a premium of 0.13%. On May 2, it saw a drop in price, falling to HK$22.90, but it still had a premium of 0.18%. On May 3, it had a discount of -0.47%, although its price slightly improved to HK$23.18. Currently, its price is HK$24.820, registering a positive change of +7.08%.

3. Harvest Global Investments ETFs General Analysis
Harvest Global Investments Limited launched two products on April 30, 2024: the Harvest Bitcoin Spot ETF and the Harvest Ether Spot ETF.

ETFs
Premium/Discount
On May 2nd
Price
Price Change
AUM
Volume
Turnover
HGI BTC
+0.07%
HK$8.095
+8.73%
HK$513.30M
1.66M
HK$13.33M
HGI ETH
+0.07%
HK$7.790
+6.86%
HK$102.48M
405.70K
HK$3.13M

On the day of listing, the price of HGI BTC was HK$7.95. Notably, unlike most ETFs launched that day, it had a discount of -0.13%. On May 2, 2024, its price slightly reduced to HK$7.27, but it had a premium of 0.07%. Its current price is HK$8.095, significantly higher than its listing price. It records a positive change of +8.73%.

The listing price of HGI ETH was HK$7.77. Similar to HGI BTC, on the listing day, HGI ETH had a discount of -0.26%. On May 2, 2024, its price reached as low as HK$7.20. Notably, it had a premium of +0.07% on that day. Currently, its price is HK$7.790, slightly better than its listing price. It showcases a positive change of +6.86%.

Endnote
The introduction of spot Bitcoin and Ethereum ETFs in Hong Kong represents a strategic expansion of the crypto ETF market beyond Western boundaries. The performance of the ETFs from China Asset Management, Bosera Asset Management, and Harvest Global Investments during the first week reflects a dynamic and evolving landscape. With price fluctuations, premiums, and discounts observed, these ETFs provide insights into investor sentiment and market trends in the East. As Hong Kong strengthens its position in the global crypto ecosystem, its success could pave the way for broader acceptance and innovation in cryptocurrency investment, potentially challenging the dominance of Western markets.
Tags
Bitcoin ETF