Price Rally: Hong Kong’s Ethereum ETFs Jump 18% On Expectations Of US Approval
- ChinaAMC's Ethereum ETF in Hong Kong saw over HK$5 million in net inflows by mid-day Wednesday, following a previous high of HK$3.77 million on Tuesday. - The ETF witnessed over 1.28 million shares being traded on Tuesday, surpassing the average daily trading volume of around 500,000 since its launch on April 30. - Other spot Ethereum ETFs in Hong Kong also experienced higher-than-usual trading volumes this week, with prices of all three ETFs recording an increase of over 18 percent on Tuesday. - Hong Kong's spot crypto ETFs were hailed as a significant step in the city's pursuit of becoming a virtual asset hub, but their turnover has remained modest compared to spot Bitcoin ETFs in the United States. - Bloomberg analysts raised the estimated probability of approval for Ethereum ETFs in the US from 25 percent to 75 percent, indicating a potential shift in the SEC's stance on these products. - ETH experienced a price surge of over 20 percent, surpassing US$3,700 this week, coinciding with the surge in Ethereum ETFs trading volume in Hong Kong.
