The launch of Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong saw modest trading volumes on the inaugural day, totaling 87.58 million HKD, equivalent to $11.19 million, as per data from the Hong Kong Stock Exchange.

These volumes fell short of the issuers' initial expectations, which had anticipated volumes exceeding $100 million. Furthermore, the trading volume was significantly lower compared to the US debut, where the 11-listed spot Bitcoin ETF products saw a trading volume of $4.6 billion.

Performance Overview:

Six newly introduced spot Bitcoin and Ethereum ETFs issued by China Asset Management, Harvest Global, Bosera, and HashKey were featured on the first trading day.

According to HKEX data, China Asset Management's "ChinaAMC Bitcoin ETF" led in trading volume, with a turnover of HK$37.16 million during the initial trading session. Its Ether ETF also secured the highest volume among the Ethereum-based ETFs, with a volume of HK$12.66 million.

It's worth noting that China Asset Management's Initial Offering Period scale was reported by Wu Blockchain to be HK$1.1 billion, equivalent to approximately $142 million for both products. The Bitcoin ETF was pegged at HK$950 million, while the ETH ETF was pegged at HK$160 million.

Other issuers, such as Harvest's spot Bitcoin ETF, recorded a trading volume of HK$17.89 million, while the Ether ETF garnered HK$4.95 million. Similarly, the Bosera HashKey Bitcoin ETF reported a volume of HK$12.44 million, and the ETH ETF stood at HK$2.48 million.

These ETFs targeted international investors while adhering to local compliance standards. By doing so, the companies aimed to expand the investor base, increase liquidity, and enhance market stability. Consequently, these ETFs were accessible in various currencies, including Hong Kong dollars (HKD), US dollars, and China's Renminbi (RMB).

Despite the subdued trading volume, stakeholders anticipate a significant market impact. Gabor Gurbacs, the founder of crypto-related firm PointsVille, commented on the East-West Bitcoin ETF competition heating up. He noted that Hong Kong's launch of Bitcoin ETFs wouldn't have been possible without China's approval, indicating China's determination to compete in institutional Bitcoin capabilities.