Hong Kong Spot Bitcoin Exchange Traded Funds, which debuted in Hong Kong recently, are predicted to have $1 billion of assets under management by 2024. Kraken’s CF Benchmark unit made this prediction in a discussion with Bloomberg.
It expressed its optimism about the vehicle’s performance at the end of this year. They also noted that the success of Hong Kong’s latest offerings would not be restricted to just America.
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Kraken Unit Predicts Hong Kong Assets of $1 Billion
So far, in 2024 the digital assets market has witnessed a number of ETFs approved for Spot Bitcoin. In fact, these approvals began first in the United States where the Securities and Exchange Commission of the United States (SEC), approved 11 investment vehicles. This was the first time such an approval had been granted in the country.
Hong Kong was next to approve the project. These investment vehicles, while not as successful as those in the US, did have some promise. It was also a momentous occasion for the entire market.
Many people have great hopes for this product. Hong Kong Bitcoin-related ETFs are predicted to have $1 billion AUM at the end of 2024. This forecast was made by Kraken’s CF Benchmark. It currently represents the half of digital assets benchmarking and collaborates with various ETFs.
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SuiChung, the CEO of Sui Chung Investments, spoke to Bloomberg about ETF growth. He notes, in particular, that other markets, such as South Korea or Israel, could adopt ETF approvals similar to those of the US or Hong Kong.
Chung believes that the mark of $1 billion will be achieved by 2025. Comparatively, Chung had initially predicted that United States Spot bitcoin ETFs would have $5 billion AUM. The actual figure was four times higher than the projection. Hong Kong’s performance will be determined by time.
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Source: watcher.guru