Hong Kong Bitcoin ETFs Predicted to Hit $1B AUM in 2024
The lately debuting Hong Kong Spot Bitcoin ETFs are actually predicted to achieve $1 billion in belongings beneath administration (AUM) by the tip of 2024. Certainly, Kraken unit CF Benchmark made the forecast in a current dialogue with Bloomberg.
The unit expressed its bullish stance on the funding automobile’s efficiency by the tip of the yr. Furthermore, they famous that success wouldn’t be restricted to america, because it holds excessive hopes for Hong Kong’s current choices.
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Kraken Unit Predicts $1 Billion in Property for Hong Kong ETFs
The digital asset market has seen the landmark approval of a number of Spot Bitcoin ETFs thus far in 2024. Certainly, these approvals first started in america, the place the US Securities and Trade Fee (SEC) greenlit 11 funding autos. That marked the primary such approval within the nation.
Subsequently, that was adopted by approval issued in Hong Kong. Though the funding autos didn’t carry out in addition to the US choices, they did present promise. Furthermore, it did show what was an vital landmark second for the market as a complete.
Moreover, many have excessive hopes for the product’s future. Particularly, Hong Kong Bitcoin ETFs have been predicted to achieve $1 billion in AUM by the tip of 2024. That forecast was shared by Kraken’s CF Benchmark, which at present represents half of the digital asset benchmarking market and works in collaboration with these varied ETFs.
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The corporate’s CEO, Sui Chung, gave Bloomberg his opinion on the ETF providing’s development prospects. Particularly, he notes that markets like South Korea and Israel might additionally undertake ETF approvals, just like the US and Hong Kong.
Moreover, Chung expects the $1 billion mark to be reached by the beginning of 2025. Compared, the agency had initially predicted $5 billion in AUM for United States Spot Bitcoin ETFs. Surely, the determine exceeded that projection by 4 occasions. Solely time will inform if Hong Kong can proceed that pattern of overperformance.