Hong Kong Securities And Futures Commission Approves Spot Bitcoin And Ethereum ETFs 

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On Monday during the early Asian session, the Hong Kong-based China Asset Management announced that it has received approval from the Hong Kong Securities and Futures Commission to provide virtual asset management services to investors.

As a result, China Asset Management can now issue spot Bitcoin and Ethereum exchange-traded funds (ETFs) to its investors in Hong Kong, Greater China, Asia Pacific, Europe, and the United States.

Notably, China Asset Management has ostensibly partnered with OSL Digital Securities Co., Ltd., a leading partner in the virtual asset industry, and BOC International Prudential Trusteeship Ltd., a leading custodian, to deploy the spot Bitcoin and Ethereum ETFs.

The parent company of the Hong Kong-based China Asset Management is one of the largest fund companies in China with over $266 billion in assets under management (AUM) as of December 2023.

Direct Impact on Bitcoin and Ethereum Prices

After experiencing a choppy weekend that resulted in heavy cryptocurrency liquidation, the total crypto market cap has gained nearly 5 percent in the past 24 hours to about $2.53 trillion. Bitcoin and Ethereum prices edged 2.5 percent and 4.4 percent higher in the past 24 hours following the announcement of spot ETF approval in Hong Kong.

The approval of spot BTC and Ether ETFs in Hong Kong will add to the influence of the US-based spot ETFs that have raked in over 3 percent of Bitcoin’s circulating supply. 

With the fourth Bitcoin halving happening later this week, a popular crypto analyst alias Captain Faibik is confident the flagship coin will break out of a bullish pennant soon. Moreover, the looming global wars led by the Middle East conflicts have been identified as bullish aspects for Bitcoin and digital assets.