As per reports from the Hong Kong Stock Exchange (HKSE), the average trading volume of the exchange-traded funds (ETF) between two Bitcoin and Ether (ETH) occurring between December 16, 2022, to February 7, 2023, amounted to 9.30 million Hong Kong dollars ($1.19 million), stated Cointelegraph. Reportedly, Hong Kong Exchange praised regulator clarity for “seizing opportunities in virtual asset development.”
It is believed that when compared in a global context the average value of the ETFs were uneven. Sources revealed that on April 17, 2023, the expected daily average value of Bitcoin and Ether listed on the U.S. -based CME group crossed three billion dollars, added Cointelegraph. It is expected that the ProShares Bitcoin strategy exchange-traded funds included in the NYSE Arca have a daily average value of about $196 million.
As reported by Cointelegraph, the U.S. do not have any clarity related to the regulations of crypto-based exchange-traded funds. Furthermore, the U.S. Securities and Exchange Commission has denied the exchange of Grayscale Bitcoin Investment Trust (GBTC) and allowed Bitcoin-based exchange-traded funds, Cointelegraph concluded.
(With insights from Cointelegraph)