The first data arrives, although not definitive, from the ETFs that were launched today in Hong Kong and which have Bitcoin and Ethereum in their cash register. Overall there are six products, three up Bitcoin and three up Ethereumwhich are spot and which are the first products of this kind to be listed on the important Asian stock exchange.
A stock exchange which, however – as we said on Criptocurrency.it despite being in a clear minority – cannot be even remotely considered as relevant as the US ones, nor as the European ones, for a FOMO which should be brought back to milder advice as soon as possible.
Relatively small volumes, but still in line with the forecasts of those who – see also Eric Balchunas of Bloomberg, has already indicated several times that at least in terms of quantity the launch of these products could not have had a great impact on this category of assets.
Trading begins and the first numbers arrive
Start trading on 6 different ETFs on Bitcoin And Ethereum to Hong Kong. As expected, volumes are quite low for now, although we will still have to wait for end-of-day volumes.
For the first half of the transactions, we are just over 6 million dollars in volumes, certainly meager numbers at least for those who expected the turning point from this type of product. However, before becoming discouraged, it will certainly be appropriate to analyze the issue from a more detailed point of view neutral and reasoned.
That at least in the USA played an enormously important role in terms of the volumes recorded from the very first bars. A considerable part of what ended up in iShares and Fidelity also came from there.
- The Hong Kong ETF market is small
And to confirm what we say, we can re-propose the table that has accompanied us in these days approaching the launch of these products. The Hong Kong ETF market is relatively small even in its geographical area – and in our opinion expecting large numbers, among other things on launch day, is certainly unreasonable. Certain calculations will have to be done later, when there has been enough time to evaluate the impact of these products on the market.
In the USA BlackRock still stopped
Furthermore, the days of slowdown continue in the USA BlackRockwhich also recorded yesterday inflow to zero. However, we are writing this too for those who tend to get excessively caught up in short-term data, these are issues that will need to be evaluated later.
That of ETFs – something that we have also tried to convey through the in-depth analysis in our magazine – is a medium and long-term game. And even in the short term, there isn’t much to complain about. For the rest, ours Telegram channel is always active to offer you further insights and the opportunity to ask direct questions to our editorial staff.
