- Far East is preparing to launch new spot BTC ETFs.
- Hong Kong may be the first place to see a spot ETH ETF approved, given recent developments.
The introduction of a Bitcoin [BTC] The spot ETF has become a commonplace in the United States. Ethereum [ETH] ETF is soon to follow suit.
In Hong Kong, however institutions are currently strategizing how to submit both BTC ETFs and ETH ETFs. This could potentially attract additional capital into these assets.
Hong Kong to spot Bitcoin and Ethereum ETFs
Local reports Hong Kong has reported that the institutions of the region are actively seeking to approve spot Bitcoin ETFs.
The reports indicate that there is a general feeling among traders and institutions that they are behind, particularly since the United States has already approved 11 BTC spot ETFs.
There are signs that the Hong Kong push for approval of spot Bitcoin ETFs may speed up the approval process. Ethereum The United States could be ahead in this aspect if they use ETFs.
There are also serious discussions ongoing about spot ETH proposals.
Ten institutions submitted applications for BTC spot ETFs. If approved, these applications could contribute to the ongoing institutional funds inflow that Bitcoin currently experiences.
The approval of spot ETH requests early not only allows more money to enter the Ethereum Market, but could also have an impact on discussions regarding the approval ETH ETFs.
What is the current status of U.S. BTC spot ETFs?
AMBCrypto examines key metrics for Bitcoin ETFs on the spot Coinglass Since receiving approvals, the company has seen significant growth.
The flow data is overwhelmingly positive, with just three days being exceptions.
The following are some of the ways to get in touch with each other:The largest outflow, which totaled over $311 millions, occurred on March 1st, while the biggest inflow, over $965,000,000, was recorded on March 5th.
According to chart analysis, the ETF reached its highest volume ever on March 6th, with almost $13 billion. As of the press time, volume stood at approximately $9.1 billion.
The spot BTC ETF market cap has risen to more than $58 billion. Assets under management (AUM), at the time the report was published, exceeded $55 billion.
These metrics together illustrated the noticeable growth and increased interest of investors in the spot Bitcoin ETF since its approval.
Bitcoin and Ethereum move into new price zones
AMBCrypto takes a look at the daily timeframe of AMBCrypto Bitcoin Ethereum also revealed that the price of both assets had reached new levels. Bitcoin’s graph showed an increase of 2.7%, with the asset valued at $70,000 by press time.
BTC reached this price for the first in two years. This was just a few short months after spot ETFs were approved in the United States.
Additionally, Ethereum At the time of this writing, the price has surpassed $4,000 range. The chart showed an increase of more than 3%, which placed it just above $4,000
Whether you think it’s realistic or not, this is what you can expect. ETH market cap in BTC’s terms
This was the first time that Ethereum had reached this price level since 2021, similar to Bitcoin.
Both assets are in the beginning stages of their bull run, and the approval of Hong Kong spot ETFs could propel their price to new heights.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com