Hong Kong is about to take a groundbreaking step in the BTC field.

According to a recent report by Bloomberg, the Securities and Futures Commission (SFC) of Hong Kong is expected to approve physically-backed BTC ETFs in the upcoming second quarter.

This development could significantly change the landscape of crypto asset investment and potentially make Hong Kong a leader in the global BTC ETF market.

Noelle Acheson, a well-known figure in the crypto asset industry and author of a newsletter, expressed her views on the potential impact of this move: "In terms of trading volume, the Asian crypto asset market is much larger than the U.S. crypto asset market."

She outlined two possibilities: the existing high trading volume may indicate that the market is already saturated, or it may indicate that the Asian market is more familiar and comfortable with crypto assets.

Acheson added, "ETFs listed in Hong Kong may channel significant funds into 'approved' portfolio allocations."

This implies that there may be a significant shift in investment flows.

Eric Balchunas, an ETF expert at Bloomberg, emphasized the importance of Hong Kong's approval of physically-backed BTC ETFs for creation and redemption, which contrasts sharply with the U.S. practice of only allowing cash purchases.

Balchunas stated, "This will help stimulate the rapidly growing asset management scale and trading volume in the region, and Hong Kong may gain a considerable strategic advantage."

Caitlin Long, the founder and CEO of Custodia Bank, also commented on another key aspect of the proposed ETF structure in Hong Kong: the ability to directly extract BTC. This can ensure that investors do not just hold "paper BTC."

Long expressed excitement about this development: "If a physically-backed BTC ETF is approved in Hong Kong, it would be huge and ironic. U.S. banks will be watching themselves being sidelined."

Discussions about the potential of the Hong Kong BTC ETF have expanded from industry experts to the broader crypto asset community.

Renowned analyst Bitcoin Munger believes that the catalyst effect of the Hong Kong ETF is far greater than that of the U.S. ETF.

Munger cited data from Glassnode indicating that the supply of BTC is shifting annually from the West to the East, and he believes this trend strengthens the case for the Hong Kong ETF surpassing the U.S. ETF.

Munger added, "BTC has been shifting from the West to the East, which powerfully demonstrates that the Hong Kong ETF will be a more bullish catalyst than the U.S. ETF."

However, not everyone believes that the Hong Kong ETF will have a significant impact.

Eric Balchunas cautioned in a heated discussion, "Do not overestimate the market size of Hong Kong relative to the U.S."

"We shouldn't get too crazy right now; Hong Kong is too small relative to the U.S."

Bitcoin Munger countered, "The success of the Hong Kong ETF may not have been fully appreciated, and any positive surprises could leave analysts, including Balchunas, surprised."

When a user raised a related question about whether mainland Chinese investors can purchase these ETFs, Balchunas responded negatively, "They cannot."

This dampened the enthusiasm of some, as the important Chinese market could potentially become a strong supporter of BTC through these ETFs, given the backdrop of the real estate crisis and the inclination towards gold.

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