Layer 1 ETF approvals could drive Hong Kong crypto adoption

Source Fxstreet
  • Hong Kong’s approval of Spot Ethereum ETF could pave the way for more Layer 1 tokens being accepted as ETFs. 
  • OKX’s Hong Kong branch OKLINK pointed out that Hong Kong’s attractiveness may have increased among crypto projects. 
  • Coinbase’s recent institutional research report showed that chances of Spot Ethereum ETF getting approved are 30 to 40%. 

Bitcoin and Ethereum Spot ETFs made their debut in Hong Kong on April 30. Following the approval, while ETH holders in the US await the Securities and Exchange Commission’s decision on Spot Ether ETF applications, Hong Kong is an attractive destination for crypto projects. 

Ether ETF approval could open gates to more Layer 1 ETFs in Hong Kong

Crypto exchange OKX’s Hong Kong entity OKLINK states that considering Hong Kong’s approval of the spot Ether ETF, more Layer 1 tokens could find acceptance here. The exchange cites Solana, one of Ethereum’s competitors as an example. 

The acceptance of more Layer 1 chains as ETFs is expected to greatly increase the Asian city’s attractiveness for projects and investors. 

Jason Jiang, researcher at Ouke Cloud Chain Research Institute was quoted in OKX’s research and said, 

The significance of Hong Kong's issuance of virtual asset spot ETFs is not that it can bring major changes to the market in the short term, but that it signals that Hong Kong financial institutions will accelerate their embrace of virtual assets.

One of the leading factors that makes Hong Kong’s ETFs more attractive is the option for physical redemption. Native investors consider this a lucrative option when compared to US Spot Ether ETFs. 

The fee rate remains relatively high, resulting in a disadvantage and a restricted flow of liquidity and funds to the city’s ETFs. The report states that the recent decline in Bitcoin prices may be one of the factors affecting the low inflow of capital to these assets. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Author  Irene Q.
Sep 23, Wed
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
placeholder
Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decisionThe US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.
Author  Mitrade
Sep 28, Mon
The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.
placeholder
【Daily Brief】30-year Treasury tops 5.59%, S&P 500 slips to 7,670 and gold holds $4,180 — PCE lands tonightThe 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.
Author  Suzie
Sep 30, Wed
The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.
placeholder
Gold falls to near $4,150 as higher Treasury yields, oil prices outweigh softer PCE inflationGold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday. 
Author  FXStreet
Yesterday 01: 26
Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday. 
placeholder
United States Dollar Index sits near March 2025 highs, above 102.00 ahead of US NFPThe US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts buyers for the fifth straight day and climbs back above the 102.00 mark during the Asian session on Friday.
Author  FXStreet
3 hours ago
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts buyers for the fifth straight day and climbs back above the 102.00 mark during the Asian session on Friday.
Related Instrument
goTop
quote