Bitcoin ETF

Bitcoin

Spot

The Bitcoin price has seen a notable fluctuation, briefly surpassing $72,500 on Monday before dipping below the $70,000 threshold on Tuesday. This movement can be attributed to a risk-off sentiment among investors, largely in anticipation of the latest US Consumer Price Index (CPI) figures today. Following a low of $68,200 on Tuesday, Bitcoin managed a slight recovery, stabilizing above $69,400 at the time of reporting. 
Concurrently, the Hong Kong Securities and Futures Commission (SFC) has updated its registry of virtual asset management funds early on April 10. Notably, the SFC is poised to announce the inaugural list of four Bitcoin spot Exchange Traded Funds (ETFs) on April 15, as reported by Tencent News. This announcement marks a significant milestone, setting the stage for the ETFs’ launch on the Hong Kong Stock Exchange by the end of April. Despite the magnitude of this news, the immediate market reaction has been muted. 
<h2 id="hong-kong-to-launch-spot-bitcoin-etfs-by-end-of-april">Hong Kong To Launch Spot Bitcoin ETFs By End Of April</h2> 
According to a Tencent News <a href="https://new.qq.com/rain/a/20240410A00WH800" target="_blank" rel="noopener nofollow">report</a>, Harvest International Asset Management and Huaxia Funds (Hong Kong) Limited have been officially approved to manage virtual assets, signaling their entry into the cryptocurrency sector in Hong Kong. This development is significant as it introduces mainland China’s leading public fund companies into <a href="https://www.newsbtc.com/bitcoin-news/this-banking-giant-files-for-bitcoin-etf-application-in-hong-kong/" target="_blank" rel="noopener ">Hong Kong’s virtual assets industry</a>. Currently, there are 18 funds in Hong Kong authorized to manage cryptocurrency assets, with Harvest International and Huaxia Fund being among the first public funds to venture into this space. 
Harvest International emerged as the pioneer in submitting a proposal for a spot Bitcoin ETF in Hong Kong as of January 26. Following this initial submission, both companies have now secured the necessary qualifications to issue cryptocurrency-related fund products, including Bitcoin spot ETFs. This move enables retail investors to access these products through the Hong Kong Stock Exchange. 
The urgency to update the virtual asset management funds list stems from the SFC’s plan to unveil the first batch of Bitcoin spot ETFs by April 15. The initial batch was anticipated to include Huaxia Fund, Bosera Fund, and Value Partners Financial, alongside Harvest International. However, Bosera and Value Partners were notably absent from the updated list due to their lack of an independent responsible officer (RO) qualified in cryptocurrency asset management. These funds are reportedly collaborating with Hashkey Capital and VSFG, both qualified crypto asset management organizations. 
In preparation for the ETF launch, some applicants, including Huaxia Fund, have been rapidly assembling dedicated teams and submitting their applications by early March. Huaxia’s swift approval by the SFC, achieved in just two weeks, underscores the rapid pace of development in this area. The application process for a Bitcoin spot ETF in Hong Kong involves extensive collaboration with over 20 institutions, including custodian banks and <a href="https://www.newsbtc.com/news/bitcoin/market-makers-bet-big-bitcoin-price-surge/" target="_blank" rel="noopener ">market makers</a>. 
Following the SFC’s approval, the Hong Kong Stock Exchange is expected to spend approximately two weeks preparing for the ETF launch. Notably, this move opens up the crypto sector to Chinese retail investors, coming three months after the <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-sec-approves-all-11-spot-bitcoin-etfs-btc-price-holds-steady-at-46000/" target="_blank" rel="noopener ">US SEC’s approval</a> of the first batch of Bitcoin spot ETFs on January 11. 
At press time, BTC traded at $69,484. 
<img loading="lazy" decoding="async" class="wp-image-602398 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSD_2024-04-10_09-36-00.png?resize=3628%2C1673" alt="Bitcoin price" width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSD_2024-04-10_09-36-00.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSD_2024-04-10_09-36-00.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSD_2024-04-10_09-36-00.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSD_2024-04-10_09-36-00.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSD_2024-04-10_09-36-00.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSD_2024-04-10_09-36-00.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSD_2024-04-10_09-36-00.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSD_2024-04-10_09-36-00.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSD_2024-04-10_09-36-00.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Bitcoin Stays Sub $70,000 As Hong Kong Readies April-End ETF Launch

Table of Contents

NewsBTC

Other articles published on Apr 10, 2024

Shocking Statements from VanEck CEO for Ethereum ETFs: “This Will Probably Happen in May”

Bitcoin (BTC) Outshining Gold, Peter Brandt Shares Uncommon Take

Bybit Takes Major Step Towards Making Crypto More Accessible as it Announces Google Pay Integration

Helium Price Analysis: Will HNT Price Break Below 200 EMA Level?

MetaMask Now Lets Users Check If They are Eligible for Airdrops and NFT Claims

Ripple Enters Stablecoin Market as Tether’s Success Sparks Competition

Join our free newsletter for daily crypto updates!