Spot Ethereum ETFs approved in Hong Kong
HONG KONG Securities regulator has approved the first exchange-traded funds (ETFs), which include spot Bitcoin and Ethereum, on Monday (15 April). This is a major step in the direction of becoming Asia’s leading city for accepting the popular cryptocurrency as an investment tool.
Two leading fund managers, Bosera Asset Management and China Asset Management, confirmed in separate statements that they have received approval by the Hong Kong Securities and Futures Commission to launch the ETH ETFs.
This comes only three months after US SEC approved ten ETFs that track Bitcoin spot prices (BTC). As of the date this article was written, the US-listed Bitcoin Net inflows of ETFs are already at about $12 billion.
Rumors persist that the approval of Ethereum ETF in Hong Kong may serve as a test case for other regulators.
JP Morgan analysts recently stated that the SEC has a 50% chance of approving ETFs by May 2024. If this deadline is missed, applicants could open legal proceedings with SEC.
Ethereum (ETH), Price Forecast: Risk of $3,500 resistance
Since the ETF news in Hong Kong, April 15, the Ethereum price is up 2.7% daily. Recent trends on the derivatives market show that ETH is currently on track to reach $3,500.