Bitcoin (BTC) and ether (ETH) have seen an uptick in their trading values, with BTC surpassing $66,500, marking a 2.8% increase over 24 hours, and ETH rising to $3,240. This positive trend appears to stem from reports in Hong Kong indicating that certain entities have received approval for spot crypto exchange-traded funds (ETFs).

Entities like China Asset Management and Bosera Capital shared via the social media platform WeChat that they have been granted permission to list bitcoin and ether ETFs in Hong Kong. However, there has been no official confirmation from the Securities and Futures Commission (SFC), Hong Kong’s market regulator. Some of these WeChat posts have been removed, and the SFC has not commented on the matter.

Singapore-based digital assets trading firm QCP Capital suggests that if approved, these ETFs could potentially attract institutional interest during Asian trading hours, expanding institutional involvement beyond U.S. trading hours. While this expansion could bolster the market in the short term, QCP Capital emphasizes that significant factors such as macro events continue to exert considerable influence on the market.