The Bitcoin ETF sector, including GBTC, IBIT, FBTC, ARKB, BTCO, and HODL, is experiencing a significant increase, with total daily trading volume hitting a four-week peak of $3.62 billion. Amidst a sideways-moving market, the ETF’s flourishing trend are bullish signal for investors. This was in contrast to the outflows the day before.
According to insights from SoSoValue, Bitcoin spot ETFs saw total net outflows of $121 million. Grayscale’s ETF GBTC experienced a net outflow of $130 million in a day; Fidelity’s ETF FBTC had the highest net inflow among Bitcoin spot ETFs, with $5.61 million coming in within a day. Following that, Ark Invest’s ETF ARKB and 21Shares had a net inflow of $4.17 million in a single day. Additionally, BlackRock saw no inflow yesterday, halting its 71-day streak of consecutive inflows.
In other news, HashKey Exchange has finalized the initial cryptocurrency subscription for Bitcoin spot ETF and Ethereum spot ETF by Hong Kong Bosera International and HashKey Capital. The redemption of cryptocurrencies allows for the retention of underlying assets, providing cost and liquidity benefits. The fundraising for Hong Kong cryptocurrency ETFs commenced today, with a listing on the Hong Kong Stock Exchange scheduled for April 30.
While the US ETF contemplates an Ethereum ETF, Hong Kong is gearing up for the launch of its Bitcoin and Ethereum Spot ETF, TronWeekly reported the other day. Scheduled to launch on April 30, this development signifies a new chapter in the area, establishing itself as the primary digital asset center globally. A key highlight is the design of these ETFs. In contrast to conventional cash-settled ETFs, these financial instruments will operate on an in-kind method, streamlining the process of creating and redeeming shares directly using the underlying Bitcoin and Ethereum.
Bitcoin ETF Fee War In Hong Kong Begins
This feature was noted by leading crypto trading firm Wintermute, suggesting that the in-kind model will draw more appeal from crypto natives, market makers, and digital-asset exchanges because of its greater efficiency and arbitrage opportunities. Besides closely tracking the actual market prices of Bitcoin and Ethereum, the in-kind mechanism also addresses concerns regarding market manipulation and excessive volatility, a bone of contention particularly between the U.S. SEC and ETF issuers.
In the latest update, Harvest Fund’s colossal $230 billion Bitcoin ETF launches in Hong Kong with a zero-fee structure, igniting fee wars in the crypto space.