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The report said at least three offshore Chinese asset managers are set to launch BTC and ETH spot ETFs in the near future, with the Hong Kong units of Harvest Fund Management and Bosera Asset Management saying in separate statements they had received conditional approvals from the Hong Kong Securities and Futures Commission to launch the funds.
ChinaAMC , the Hong Kong unit of China Asset Management, also announced on Monday that it had received regulatory approval to provide virtual asset management services, and the firm is also developing spot ETFs for both assets. Three futures-based crypto ETFs – CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures – are already listed on the Hong Kong market and currently have combined assets of approximately $170 million.
The estimate is based on the assumption that the average amount of the unused annual Southbound connect quota over the past three years would be channeled into the spot ETFs, they noted. provided by 360MarketIQ shows that over the past three years, flows in the Stock Connect program have been HK$450 billion, HK$400 billion, and HK$320 billion, while the program allows mainland Chinese investors to purchase up to HK$540 billion worth of Chinese stocks annually.
“China’s RMB is at a 17-year low vs. the USD,” Matrixport said. “Indeed, there is a demand for diversification,” they added, citing the ongoing gold purchases by the Chinese central bank.
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