HK vs. US: China AMC Leads but Can’t Lift Hong Kong Spot Bitcoin ETFs to US Levels

The six new Hong Kong-based ETFs did not meet the expected benchmarks on Tuesday, amassing roughly $11.2 million in their initial trading sessions. Their performance significantly lagged behind the $4.6 billion achieved by ten U.S. spot bitcoin ETFs on their launch day. This comes despite earlier assertions by Zhu Haokang, an executive at China Asset Management (China AMC), who had claimed that Hong Kong’s ETFs would outdo those in the U.S.

Haokang also predicted that China AMC’s offering would dominate among Hong Kong’s ETFs. This prediction held true, as China AMC’s funds captured approximately $4.75 million of the total $11.2 million raised. Regarding assets under management (AUM), China AMC’s two funds manage nearly 2,000 BTC and close to 7,000 ETH. HKEX figures show the other funds competing against China AMC’s BTC-based fund gathered 57.59% of the day’s total volume.

Although the U.S. spot bitcoin ETFs have experienced decreasing volumes since March, the trading volume on April 29 in the U.S. still far exceeded Hong Kong’s debut. For example, the U.S. spot bitcoin ETFs posted $1.39 billion in volume during Monday’s trading session. Meanwhile, these American ETFs saw $51.6 million in outflows after three consecutive days of reductions.

This early underperformance of Hong Kong’s ETFs may set the stage for adjustments in marketing or management strategies to boost investor confidence and performance. The contrasting outcomes between the markets underscore different investor sentiments and regulatory environments, likely influencing future launches and the competitive landscape of cryptocurrency ETFs globally.

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