- Fresh spot BTC ETFs are on the cards in the Far East.
- A spot ETH ETF approval might be seen first in Hong Kong, given the current developments.
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In the US, the launch of a Bitcoin [BTC] spot ETF is no longer a groundbreaking event, and a spot Ethereum [ETH] ETF is expected to happen shortly after.
Still, organizations in Hong Kong are planning to apply for Ethereum and Bitcoin exchange-traded funds (ETFs). With this action, these assets may draw in more capital than before.
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Looking to place Ethereum and Bitcoin ETFs
According to reports from Hong Kong, local institutions are actively pursuing approvals for Bitcoin ETFs that trade on the spot.
Institutions and traders are generally perceived as being behind, given that the US has already approved eleven spot BTC ETFs, according to the reports.
Still, there are signs that Hong Kong’s drive for spot Ethereum ETF approvals could move the process along faster, putting them ahead of the US in that regard. This is in addition to the push for spot Bitcoin ETF approvals.
The report also mentions the serious conversations that are still going on about spot ETH proposals.
Applying for spot BTC ETFs, ten institutions have done so. Should these applications be accepted, they might add to the continuous inflow of institutional capital that Bitcoin is presently enjoying.
In addition, the early acceptance of spot Ethereum applications not only increases the amount of money in the Ethereum market but also might have an impact on talks regarding the US approval of ETH ETFs.
The Present Status of U.S. Spot Bitcoin ETFs
Key performance indicators for the Coinglass spot Bitcoin ETF were examined, and the results showed a notable increase since approvals.
Three days stand out as exceptions to the general trend of positive inflows, according to an analysis of the flow data.
March 1st saw the biggest outflow, amounting to over $311 million, while March 5th saw the largest inflow, totaling over $965 million.
According to chart analysis, the ETF’s historical highest volume, which reached nearly $13 billion on March 6, happened on that day. The volume was approximately $9.1 billion as of the time of publication.
Furthermore, as of the time of the report, the spot BTC ETF’s assets under management (AUM) exceeded $55 billion, and its market capitalization had increased to over $58 billion.
Together, these indicators demonstrated the market’s remarkable expansion and heightened investor attention in the spot Bitcoin ETF since its approvals.
Bitcoin and Ethereum Enter Uncharted Pricing Territories
According to AMBCrypto, both Bitcoin and Ethereum have reached new price levels when looking at their daily timeframes. As of the time of publication, the asset was trading for over $70,000, and the Bitcoin chart showed a 2.7% increase.
This was the first time that the price of Bitcoin had reached this level in more than two years. It was also happening a few months after spot ETFs were approved in the US.
Furthermore, as of this writing, Ethereum’s price has crossed the $4,000 barrier. The graph indicated a gain of more than 3%, putting the value just over $4,000.
This was the first time Ethereum has reached this price point since 2021, much like Bitcoin.
This was the first time Ethereum has reached this price point since 2021, much like Bitcoin.
Currently in the early phases of their bull runs, both assets could see further price increases due to the possible approval of spot ETFs in Hong Kong.
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