The first-ever cryptocurrency exchange-traded funds (ETFs) that were introduced in Hong Kong earlier this year have experienced subpar performance and a lack of investor interest, despite the initial excitement surrounding their launch.
ChinaAMC Bitcoin ETF, the biggest fund tracking the spot price of Bitcoin, was down 6.69% at the end of August, while Bosera HashKey Bitcoin ETF slipped 4.65% since launch.
Ethereum-based products witnessed bigger declines, with ChinaAMC Ether ETF and Bosera HashKey Ether ETF recording losses of over 20% as of August end.
This downturn was largely attributed to the ongoing volatility in the market and the ambiguity of U.S. policy on cryptocurrency assets.
Indeed, Bitcoin has taken a sharp U-turn after hitting an all-time high of $73,700 in March earlier this year, tumbling more than 25% from the crest as of this writing.
“Bitcoin prices could see additional upside if the Republicans are perceived to have a higher chance of electoral success,” the report said.
Why It Matters: Hong Kong is the only Asian region that has exposed investors to the price moves of cryptocurrency through ETFs. Conversely, in Japan and Singapore, authorities have shown a cautious approach towards approving such investment vehicles
The underwhelming performance of these Asia-based ETFs comes amid sharp outflows from their U.S.-based counterparts.
Price Action: At the time of writing, Bitcoin was exchanging hands at $54,632.87, up 0.57% in the last 24 hours, according to data from Benzinga Pro. Ethe was trading at $2,286.01, up 0.15%.
Photo via Shutterstock
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