Asia's first spot bitcoin and ether ETFs gain in Hong Kong debut

HONG KONG, April 30 - Six spot bitcoin and ether exchange traded funds gained in their Hong Kong debut on Tuesday, with the three bitcoin ETF s climbing more than 3% in early trade, reflecting Asian investor enthusiasm for cryptocurrencies.

Spot bitcoin ETFs launched by China AMC , Harvest and Bosera had gained roughly 2.5% as of 2:21 GMT. The three ether ETFs , , managed by the asset managers also rose.Cryptocurrency is banned in mainland China, but Hong Kong has been promoting itself as a global digital asset hub, part of a drive to maintain its allure as a financial center.

"Virtual assets are quite speculative and very volatile ... so I remind you that such assets are not suitable for all investors," Choi told Tuesday's launch event.The U.S. spot bitcoin ETFs have drawn roughly $12 billion in net inflows, contributing to a surge in bitcoin's price earlier this year. But U.S. regulators have not yet approved ETFs that track spot ether prices.

Trading in Hong Kong's crypto ETFs will be watched closely for signs that crypto flows could be drawn to Asia from the U.S.

Source: Digital Coin News (digitalcoinnews.net)

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