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BTC and ETH recover as spot Bitcoin, Ether ETFs receive approval in Hong Kong.

by Ndianabasi Tom

As earlier predicted, Hong Kong Securities and Futures Commission (SFC) has authorized the public offering of spot bitcoin (BTC) and ether (ETH) exchange-traded funds (ETF) for several leading asset managers, positioning Hong Kong as a leading digital asset hub. The development also underscores a growing adoption of the two most popular cryptocurrencies. Is the bull back and stronger in the crypto market?

The asset managers that received in-principle approval on Monday to launch their respective spot BTC/ETH ETF products included China Asset Management, Harvest Fund Management Co., Bosera Asset Management (International) Co. and HashKey Capital.

Related: Spot Bitcoin, Ether ETFs Could Gain Approval in Hong Kong Soon: Report

OSL partners with China Asset Management and Harvest Global.

China Asset Management shared the positive development in a press release, revealing plans to provide virtual asset management services to investors. To actively research and successfully deploy ETF products that can invest in spot BTC and spot ETH for investors, the major Chinese asset manager has partnered with two industry leaders — OSL Digital Securities Co., Ltd., a leading licensed digital asset trading platform, and BOC International Prudential Trusteeship Ltd., a top custodian. 

Reacting to the partnership, Patrick Pan, Chairman of the Board & CEO of OSL said: “We are thrilled to collaborate with the talented team at China AMC, marking this milestone in the ETF landscape. Being chosen as the first virtual asset exchange and sub-custodian partner not only reflects the high regard in which OSL is held but also demonstrates our commitment to advancing digital asset investments in Hong Kong, mirroring the trend of reputable partnerships seen in the U.S. market.”

In a separate press release, OSL also announced its collaboration with Harvest Global, becoming the first virtual asset trading platform and sub-custodian for the approved Harvest Fund Management Co. spot BTC and ETH ETFs. “In this collaboration, OSL leverages its robust infrastructure to provide a secure trading environment essential for the ETF’s operation, managing the underlying assets with precision and reliability,” part of the announcement read.

Read also: Crypto market plummets amidst Iran-Israel conflict.

Read also: Crypto market faces $900 million liquidation as Bitcoin retreats to $65k ahead of the halving 

Conditional approval for Bosera and Hashkey, report says.

Reportedly, Bosera Asset Management and HashKey Capital received “conditional approval” from the Hong Kong market regulator to launch two spot crypto ETFs — Bosera HashKey BTC and Bosera HashKey ETH ETF. These two ETF products will be jointly managed by Bosera and HashKey. 

“The introduction of the virtual asset spot ETFs not only provides investors with new asset allocation opportunities but also reinforces Hong Kong’s status as an international financial center and a hub for virtual assets,” Bosera said as revealed by The Block.

BTC and ETH prices recover.

As earlier reported by CAB, both BTC and ETH prices have regained momentum amidst their spot ETF approvals in Hong Kong. BTC, which fell below $61K on Saturday amidst the Iran-Israel conflict, leading to over $900 million in liquidations, is trading above $66K at press time. This translates to a 3% gain in the last 24 hours. Trading at $3,248 at the time of writing, ETH price has jumped over 6% in the past 24 hours, signaling massive accumulation from crypto investors. 

Read also: Spot Bitcoin ETFs and the Crypto Market: The Other Side of the Coin

Credit: Ndianabasi Tom  A crypto journalist and content writer who has been talking about cryptocurrency and blockchain technology since 2018, Ndianabasi is a Writer at Crypto Asset Buyer (CAB).