• China is exhibiting signs of a crypto market comeback with the listing of Bitcoin Futures ETFs in the Hong Kong stock markets.
• The ETFs raised more than $74 million in startup funding, indicating a growing client demand for exposure to Bitcoin and Ether.
• Global head of equity FX products at CME, Tim McCourt, believes that the listing of these ETFs is essential in the adoption of virtual currency in Asia.
The crypto market is set to make a comeback in China, according to CryptoQuant.com, an onchain analytics and data insights firm. The country is displaying significant signs of a crypto market revival, such as BTC derivatives and spot markets.
In December 2022, China’s Southern Asset Management subsidiary, CSOP Asset Management, listed the first ethereum and bitcoin futures ETFs in the Hong Kong stock markets. The organization raised more than $74 million in startup funding ($ 54 million and $20 million, correspondingly). This record amount of funding indicates a growing client demand for exposure to Bitcoin and Ether.
Tim McCourt, global head of equity FX products at CME, believes that approving the ETF is essential in virtual currency adoption in Asia. He added that despite the drawdowns, BTC and ether had seen a 20% exponential rise in daily volumes in 2022 than 2021. This is indicative of the growing interest in virtual currency, particularly in the Asian market.
McCourt further stated that the listing of these ETFs underscores the robust growth and increasing client demand for exposure to Bitcoin and Ether via CME Group’s transparent, highly regulated, and deeply liquid platforms. He believes that it is an important step in the mainstream adoption of cryptocurrency.
With the listing of these ETFs in the Hong Kong stock markets and the growing volumes in both spot and derivatives markets, it is evident that China is set to make a comeback in the crypto market. This could be a pivotal moment for the adoption of virtual currency in Asia and the world at large.