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New Hong Kong Bitcoin and Ethereum Spot ETFs: First Week Analysis
Last week, three Hong Kong issuers, China Asset Management, Bosera Asset Management and Harvest Global Investments, launched their products on the Hong Kong market. The development reflects the city-state’s interest in joining the global cryptocurrency ETF race. THE crypto ETF market it is currently dominated by the West, mainly the United States. The entry of the East, particularly China, into this race opens a new arena for direct competition between the United States and China. Let’s analyze the performance of these three ETFs to understand how successful they have been so far in turning the tide in favor of the East.
1. General analysis of Asset Management ETFs in China
ChinaAMC Bitcoin ETFand ChinaAMC ETHER ETF are the two products launched on April 30, 2024 by issuer China Asset Management (Hong Kong) Limited.
| ETFs | Premium/DiscountMay 3rd | Price | Price change | AUM | Volume | Turnover |
| BTC CAM | -0.10% | HK$8,085 | +8.89% | 970.64 million Hong Kong dollars | 3.13 million | 25.14 million Hong Kong dollars |
| CAM ETH | -0.47% | HK$7,770 | +6.95% | 164.96 million Hong Kong dollars | 491.40K | 3.78 million Hong Kong |
The price of CAM BTC on April 30, the day of listing, was HK$7.95; it had a premium of 0.06% that day. Although its price fell to HK$7.25 on May 1, the premium was 0.17%. On May 2, its price rose slightly to HK$7.43, a discount of -0.10%. It now costs around HK$8,085 and marks a change of +8.89%.
The price of CAM ETH on the day of listing, April 30, 2024, was HK$7.77. That day the premium was 0.08%. On May 1, its price fell to HK$7.18, but it had a premium of 0.14%. On May 3, despite recording a slight increase in price, it presented a discount of -0.47%. Now its price is HK$7,770 and registers a positive change of +6.95%.
2. General analysis of Bosera Asset Management ETFs
Bosera Hashkey Bitcoin ETF and Bosera Hashkey Ether ETF are the two products launched on 30 April 2024 by the issuer Bosera Asset Management (International Co., Limited.
| ETFs | Premium/DiscountMay 3rd | Price | Price change | AUM | Volume | Turnover |
| BOS HSKBTC | -0.01% | HK$50,420 | +8.80% | 472.71 million Hong Kong | 248.75K | 12.47 million Hong Kong dollars |
| BOS HSK ETH | -0.47% | HK$24,820 | +7.08% | 111.78 million Hong Kong dollars | 104.62K | 2.56 million Hong Kong dollars |
On the listing day, April 30, 2024, the price of BOS HSK BTC was approximately HK$49.58 and had a premium of 0.07%. On May 2, the price fell to HK$45.12, but at a premium of 0.03%. On May 3, although its price reached HK$46.34, it was at a discount of -0.01%. Its price is currently HK$50,420 and registers a positive variation of +8.80%.
On the day of listing, April 30, 2024, the price of BOS HSK ETH was HK$24.80. At that time the premium was 0.13%. May 2 recorded a decline. The price fell to HK$22.90, but had a premium of 0.18%. On May 3, it was at a discount of -0.47%, although its price improved slightly and touched HK$23.18. At this moment its price is HK$24,820 and registers a positive variation of +7.08%.
3. Overall analysis of Harvest Global Investments ETFs
Harvest Bitcoin Spot ETF and Harvest Ether Spot ETF are the two products launched on April 30, 2024 by issuer Harvest Global Investments Limited.
| ETFs | Premium/DiscountMay 2nd | Price | Price change | AUM | Volume | Turnover |
| HGIBTC | +0.07% | HK$8,095 | +8.73% | 513.30 million Hong Kong dollars | 1.66 million | 13.33 million Hong Kong dollars |
| HGI ETH | +0.07% | HK$7,790 | +6.86% | 102.48 million Hong Kong | 405.70K | 3.13 million Hong Kong dollars |
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 the day of listing. On May 2, 2024, its price was slightly reduced to HK$7.27, but had a premium of 0.07%. At the moment, its price is HK$8,095, much higher than the list price. It records a positive variation of +8.73%.
The listing price of HGI ETH was HK$7.77. Similar to HGI BTC, on the day of listing, HGI ETH was at a discount of -0.26%. On May 2, 2024, its price reached a low of HK$7.20. In particular, that day the premium was +0.07%. At this juncture, its price is HK$7,790, slightly better than the list price. It presents a positive variation of +6.86%.
Final note
The debut of Bitcoin and Ethereum spot ETFs in Hong Kong signifies a strategic expansion of the cryptocurrency ETF market beyond Western borders. The diversified performance of China Asset Management, Bosera Asset Management and Harvest Global Investments ETFs during the first week reflects a dynamic and evolving landscape. Taking into account price fluctuations, premiums and discounts, these ETFs offer insight into investor sentiment and market trends in the East. As Hong Kong strengthens its position in the global cryptocurrency ecosystem, its success could pave the way for wider acceptance and innovation in cryptocurrency investing, potentially challenging the dominance of Western markets.
Also check: Should you invest in Bitcoin ETFs? Detailed monthly review and analysis for April 2024