The Hong Kong market for spot bitcoin and ether ETFs will only attract $500 million in investment, according to a Bloomberg ETF analyst.
Bloomberg Senior ETF Analyst Eric Balchunas threw a bit of cold water on the excitement surrounding Hong Kong's approval on Monday of applications for spot bitcoin and ether exchange-traded funds.
Balchunas took to X on Monday in an effort set expectations about the Hong Kong market. "Don't expect a lot of flows ... we think they'll be lucky to get $500 million," he said, adding that the Hong Kong ETF market is "tiny" and "Chinese locals cannot buy these, at least officially." In the U.S., the Securities and Exchange Commission is expected to rule by the end of next month on whether to approve Ethereum-based spot ETFs. Recently, optimism waned among some market watchers, including fellow Bloomberg Intelligence analyst James Seyffart, who has said the new ETFs will likely be denied.
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