David Edwards
Hong Kong’s Bitcoin spot ETFs set a new benchmark for monthly trading volume in November, reaching an impressive $154 million on the Hong Kong Stock Exchange. This milestone marks a significant achievement in the region’s cryptocurrency market, as Bitcoin ETFs continue to gain traction just months after their introduction.
According to data from the Hong Kong Stock Exchange, the combined trading volume of three Bitcoin spot ETFs in November totaled approximately HKD 1.2 billion ($154 million), setting a record for monthly activity. The three ETFs driving this performance are the ChinaAMC Bitcoin ETF, Bosera Hashkey Bitcoin ETF, and Harvest Bitcoin Spot ETF. This achievement is particularly notable given that Bitcoin ETFs were only launched in Hong Kong in May 2024.
The majority of the trading volume came from ChinaAMC and Harvest Bitcoin Spot ETFs, which together accounted for around 88% of the total volume, or approximately HKD 1.06 billion ($136 million). As of December 2, the ChinaAMC Bitcoin ETF, launched by Huaxia Fund, led the charge, with 2.02 million shares traded at HKD 11.89 per share. In second place was the Harvest Bitcoin Spot ETF, which saw 162,500 shares exchanged at HKD 11.96 per share. The Bosera Hashkey Bitcoin ETF followed with 64,680 shares traded at HKD 74.58 each.
Despite this strong growth, Hong Kong’s Bitcoin ETFs still lag behind their U.S. counterparts. For comparison, U.S.-based Bitcoin ETFs, such as iShares Bitcoin Trust ETF and Grayscale Bitcoin Trust ETF, boast much higher daily volumes—averaging 40 million and 3.8 million shares, respectively.
The Hong Kong government’s approval of Bitcoin spot ETFs in April 2024 was a significant step in its broader strategy to position the region as a tightly regulated hub for virtual assets. The ETFs’ launch was a key component of Hong Kong’s ongoing efforts to establish itself as a global leader in the digital asset industry.
However, while the growth in Bitcoin ETF trading volume is promising, it’s important to note that the market is still in its infancy. The launch of Bitcoin ETFs earlier this year marked a pivotal moment in the development of the cryptocurrency market in Hong Kong, and this record-breaking trading volume reflects growing investor interest in these new financial products.
