Bitcon, Ether Rise as Hong Kong Trade-Traded Fund Candidates Say They’ve Been Accredited for Bitcoin ETF

Bitcoin (BTC) has risen 2.8% over 24 hours, buying and selling above $66,500, and ether (ETH) has superior to $3,240, in keeping with CoinDesk Indices information, as a number of issuers in Hong Kong stated they’d been accepted for spot crypto exchange-traded funds (ETFs).

China Asset Administration, Bosera Capital and different candidates posted to social-media platform WeChat (Weixin) that they’d been accepted to checklist spot bitcoin and ether ETFs in Hong Kong. Nonetheless, these bulletins appear to have front-run an official assertion from the Securities and Futures Fee (SFC), which has not posted a listing of accepted issuers. A number of the posts have since been deleted.

The SFC didn’t return emails or cellphone calls asking for remark.

Singapore-based digital property buying and selling home QCP Capital stated in a message shared with CoinDesk that it believes the ETFs, when accepted, will unlock some institutional demand throughout Asia buying and selling hours.

“Individuals who needed publicity have all the time been restricted to US hours, however this now offers institutional traders an Asia-based different,” QCP wrote. “We consider this will probably be bullish brief time period, however there are extra necessary narratives and drivers akin to macro occasions.”