Following the approval of a spot Bitcoin ETF (Exchange-Traded Fund) in the United States, it appears that Hong Kong’s Securities and Exchange Commission (SEC) will follow suit, similar to the US SEC. On January 29, 2024, according to local media reports, Harvest Hong Kong, one of Chain’s largest fund companies, submitted a spot Bitcoin ETF application to the Hong Kong SEC.
China’s Harvest Kong Kong Files First Bitcoin ETF Application
However, with this spot Bitcoin ETF application, Harvest Kong Kong became the first asset management firm to do so. With this initial Bitcoin ETF application in Hong Kong, the SEC aims to expedite the approval process for the country’s first Bitcoin ETF. Additionally, as per the report, the SEC plans to list this Bitcoin ETF on the Hong Kong stock exchange shortly after the spring festival.
We already know that Hong Kong is very optimistic about crypto and its related products, aiming to become a global crypto hub. Moreover, in 2023 alone, Hong Kong has seen several positive developments such as digital asset regulation, action against unlicensed crypto exchanges, and many more, in addition to this spot Bitcoin ETF.
Besides this awaited crypto-related product, Hong Kong is also advancing its e-HKD CBDC pilot program and progressing to phase 2, highlighting its commitment to the crypto and Web 3 industry. It will be interesting to see whether the approval of a spot Bitcoin ETF in Hong Kong will impact the crypto industry or not.
Currently, the overall digital asset industry is quite confusing, and following the approval of the Bitcoin ETF in the US, the crypto market is continuously experiencing downside momentum.
Bitcoin price today
As of writing, the Bitcoin price is near $42,200, and in the last 24 hours, it experienced a slight 0.60% downside momentum. If we examine Bitcoin over a longer period, in the last 7 days, the price of Bitcoin has surged by 2.5%, and in the last 30 days, it has experienced a 0.65% downside momentum. It looks like Bitcoin is consolidating, and in the future, we may see either significant upside or downside momentum.
Despite the spot Bitcoin ETF, investors and retailers are also waiting for other crypto ETFs such as Ethereum and XRP. However, the asset management giant BlackRock also shows its interest in a spot Ethereum ETF. According to a recent interview with CNBC, the CEO of BlackRock says that he is interested in an Ethereum ETF.
