Hong Kong’s CSOP Bitcoin Futures ETF Sees Surge in Trading Volume and Inflows
The CSOP Bitcoin Futures ETF in Hong Kong has experienced a significant increase in trading volume and net inflows amid the recent rally of Bitcoin. On October 24, the ETF recorded a trading volume of HK$175.87 million and net inflows of HK$138 million, marking the highest figures since its listing. Previously, daily turnover ranged from HK$1 million to HK$2 million.
The CSOP Bitcoin Futures ETF, launched in December last year, is Hong Kong’s first Bitcoin futures exchange-traded fund. Managed by CSOP Asset Management Limited, the ETF tracks standardized, cash-settled Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME).
The surge in trading activity and inflows for the CSOP Bitcoin Futures ETF reflects the growing interest and confidence in Bitcoin as the leading cryptocurrency continues to register more gains. Currently, BTC is trading at $34,613.
Spot Bitcoin ETF Approval on Horizon
The recent surge in Bitcoin price is attributed to increasing optimism around the launch of a spot Bitcoin ETF in the U.S. Coinbase Chief Legal Officer Paul Grewal expressed confidence that the SEC will soon approve a spot Bitcoin ETF based on legal grounds.
A District of Columbia court ruling favored Grayscale’s bid to convert its GBTC Bitcoin fund into an ETF. The SEC chose not to appeal this ruling, indicating a potential path for approving a Bitcoin-related ETF in the coming months.
Matrixport predicts a major Bitcoin rally if a spot ETF is launched, with a potential inflow of $12 to $24 billion. This influx could drive Bitcoin’s price to $42,000.
Hot Take: Increasing Interest in Bitcoin ETFs Reflects Growing Confidence in Cryptocurrency
The surge in trading volume and net inflows for the CSOP Bitcoin Futures ETF highlights the growing interest and confidence in Bitcoin as it continues to make significant gains. The recent surge in Bitcoin’s price can be attributed to increasing optimism around the launch of a spot Bitcoin ETF in the U.S., with predictions of a major rally if it is approved. This demonstrates the growing acceptance and recognition of cryptocurrencies as legitimate investment assets. As more investors seek exposure to Bitcoin through ETFs, the cryptocurrency market is likely to witness further growth and mainstream adoption.
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