A significant milestone has been reached in the US with the approval of eleven Bitcoin ETF applications by the Securities & Exchange Commission, effective January 11, 2024. Hong Kong and South Korea are also poised to join the Bitcoin ETF market, with South Korea contemplating an early entry in East Asia. Hong Kong is expected to approve its Bitcoin ETF by the end of this month, while South Korea's timeline remains uncertain. Nevertheless, advancing the launch date holds promise for the Asian market, amidst increasing competition among crypto exchange platforms.

In the past three years, Upbit has dominated the market with an 82% share, but new competitors are challenging its supremacy. Despite initial skepticism, Bithumb and Korbit's fee-free campaigns have reshaped the market dynamics, albeit with different outcomes. Bithumb experienced a 60% revenue decline and withdrew its campaign, while Korbit maintained a modest market share of around 1% in 2024.

Although Bithumb's market share tripled, it was overshadowed by revenue losses, signaling a challenging transition. Coinone, a newcomer, is depicted alongside Korbit in market share graphs, indicating emerging competition.

South Korean markets are benefiting from an improved macroeconomic environment and intensified industry competition, leading to increased trade volumes. Notably, the South Korean Won surpassed the US Dollar in cumulative trade volume in the first quarter of 2024, reaching $456 billion compared to the USD's $445 billion.

While the KRW experienced a decline in early April 2024, the approval of Spot Bitcoin ETF and Ether ETF in Hong Kong is expected to uplift economic sentiments in the Asia-Pacific markets.

This development coincides with a bearish trend in the crypto market, with BTC down by 5.17% in the last 24 hours at $63,247.91, and Ether trading at $3,083.25, reflecting a 5.48% decrease during the drafting of this article.

The early launch of Bitcoin ETFs in South Korea and Hong Kong will align them with global trends, ultimately benefiting the Asian market and encouraging exploration of similar ventures by other regions.