Hong Kong Bitcoin Spot ETFs Set Record for Monthly Trading Volume with $154 Million

In November 2024, Bitcoin spot exchange-traded funds (ETFs) in Hong Kong achieved a significant milestone, setting a new record for monthly trading volume. The total trading volume for three Bitcoin spot ETFs on the Hong Kong Stock Exchange reached $154 million, or approximately HKD 1.2 billion. This was the highest monthly volume ever recorded since the launch of Bitcoin ETFs in the region earlier in May 2024.

The three Bitcoin spot ETFs driving this record-high trading volume include the ChinaAMC Bitcoin ETF, Bosera Hashkey Bitcoin ETF, and the Harvest Bitcoin Spot ETF. Notably, the combined trading volume from just the ChinaAMC and Harvest International ETFs accounted for around 88% of the total trading volume in November, which was approximately $136 million (HKD 1.06 billion).

As of December 2, the ChinaAMC Bitcoin ETF, which was launched by Huaxia Fund, had the highest trading volume, with 2.02 million shares traded at HKD 11.89 per share. The Harvest Bitcoin Spot ETF followed with 162,500 shares traded at HKD 11.96 each. The Bosera Hashkey Bitcoin ETF, issued by Bosera Asset Management, recorded a total volume of 64,680 shares at a price of HKD 74.58 per share.

Despite this impressive surge in trading volume, Hong Kong’s Bitcoin spot ETFs still lag behind their U.S. counterparts in terms of daily trading activity. For example, U.S.-based Bitcoin ETFs like the iShares Bitcoin Trust ETF and Grayscale Bitcoin Trust ETF regularly see average trading volumes of 40 million shares and 3.8 million shares, respectively.

Hong Kong’s move to launch Bitcoin spot ETFs was part of the government’s broader effort to position the city as a regulated hub for virtual assets. After over a year of preparation, the Hong Kong government officially approved the launch of these Bitcoin spot ETFs in April 2024. This approval has played a critical role in attracting investors and increasing trading volumes, signaling growing interest in digital asset investment products in the region.

Despite these developments, the market witnessed its first cumulative outflow of funds on May 6, highlighting the volatility and uncertainty that can still impact the cryptocurrency market. However, the surge in trading volumes for Bitcoin spot ETFs in November points to a positive trend and growing confidence in cryptocurrency-based investment products within Hong Kong’s tightly regulated market environment.