Hong Kong Bitcoin Spot ETFs Break Monthly Trading Record with $154 Million in November

Bitcoin spot exchange-traded funds (ETFs) in Hong Kong have reached a new milestone, with monthly trading volume surging to $154 million in November. This record-high figure marks a significant achievement for the Hong Kong Stock Exchange, as the city continues to solidify its position as a global hub for cryptocurrency trading.

According to data from the Hong Kong Stock Exchange, the combined monthly trading volume for three major Bitcoin spot ETFs in Hong Kong reached approximately HKD 1.2 billion ($154 million) in November, setting a new all-time high. This milestone is especially remarkable considering that Bitcoin ETFs were only introduced to the Hong Kong market in May 2024.

The three leading Bitcoin spot ETFs contributing to this record-breaking performance are the ChinaAMC Bitcoin ETF, Bosera Hashkey Bitcoin ETF, and Harvest Bitcoin Spot ETF. Notably, ChinaAMC and Harvest International accounted for around 88% of the total trading volume in November, which amounted to approximately HKD 1.06 billion ($136 million).

As of December 2, the ChinaAMC Bitcoin ETF is leading the charge, with a trading volume of 2.02 million shares, priced at HKD 11.89 per share. The Harvest Bitcoin Spot ETF follows in second place, with a trading volume of 162,500 shares, each valued at HKD 11.96. Meanwhile, the Bosera Hashkey Bitcoin ETF recorded a total volume of 64,680 shares, with each share trading at HKD 74.58.

Despite these impressive numbers, daily trading volumes for Hong Kong Bitcoin spot ETFs still lag behind those of their U.S.-based counterparts, such as the iShares Bitcoin Trust ETF and Grayscale Bitcoin Trust ETF, which see average volumes of 40 million and 3.8 million shares, respectively.

The Hong Kong government officially approved Bitcoin spot ETFs in April 2024, following more than a year of efforts to position the city as a tightly regulated center for virtual assets. The approval of Bitcoin ETFs has helped solidify Hong Kong’s reputation as a forward-thinking financial hub for the cryptocurrency industry. However, the market’s initial reaction was marked by the first cumulative outflow of funds on May 6, following the launch of the ETFs.

With continued growth and increasing trading volume, Hong Kong’s Bitcoin spot ETFs are proving to be a promising development for the local crypto market, further establishing the city as an important player in the global crypto space.