According to a report published by the Hong Kong Stock Exchange (HKSE), two bitcoin, Exchange Traded Funds (ETFs) and Ethereum, From December 16, 2022 to February 7, 2023, the average daily trading volume of ETFs listed on the Hong Kong Stock Exchange was HK$9.3 million (US$1.19 million). As the first region in Asia to offer access to such crypto ETF products, the Hong Kong exchange operator praised regulators for their role in "capturing opportunities for virtual asset development."
On a global scale, however, the numbers appear to be somewhat lackluster. On April 17, Cointelegraph reported that the average daily notional value of Bitcoin and Ethereum futures and options listed on the U.S.-based CME Group exceeded $3 billion. Similarly, the ProShares Bitcoin Strategy ETF listed on NYSE Arca has an average daily volume of about $196 million. Interestingly, unlike Hong Kong, the US lacks regulatory clarity regarding crypto ETFs. While the SEC has approved futures-based bitcoin ETFs such as the ProShares Bitcoin ETF, it has refused to convert Grayscale Bitcoin Investment Trust (GBTC), the largest over-the-counter bitcoin fund in the United States, into a listed spot ETF. Likewise, the committee rejected the listing application of the ARK21 Shares Bitcoin ETF managed by Ark Investments.
One of the bitcoin ETFs included in the HKEX report is the Samsung Bitcoin Futures Active ETF created by the investment management arm of the South Korean conglomerate. The product is designed to meet the needs of institutional investors looking to trade Bitcoin futures in the Asia Pacific time zone.
