The CSOP Bitcoin Futures ETF in Hong Kong has seen a significant increase in trading volume and net inflow during the recent surge of Bitcoin (BTC).
According to data from Yahoo! Finance, on October 24, the ETF registered a trading volume of HK$175.87 million, along with net inflows of HK$138 million, marking the utmost trading volume and net inflow since the ETF’s listing.
In the past, the daily revenue varied between HK$1 million to HK$2 million.
The CSOP Bitcoin Futures ETF, initiated in December of the previous year, is Hong Kong’s inaugural Bitcoin futures exchange-traded fund.
Operated by CSOP Asset Management Limited, the exchange-traded fund (ETF) follows standardized, cash-based Bitcoin futures agreements that are traded on the Chicago Mercantile Exchange (CME).
The increase in trading activity and influx for the CSOP Bitcoin Futures ETF demonstrates the escalating fascination and trust in Bitcoin as the foremost digital currency persists to record additional profits.
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
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In the last 24 hours, the primary digital currency has acquired over 12%, reaching a peak of $35,000 before reducing some profits.
Currently, BTC is exchanging hands at $34,613, as per information obtained from CoinGecko.
Spot Bitcoin ETF Approval on Horizon
The cause behind the recent spike in Bitcoin value is growing positivity surrounding the introduction of a spot Bitcoin exchange-traded fund (ETF) in the United States.
Coinbase Head Legal Officer Paul Grewal stated recently that the SEC is on the verge of approving a spot Bitcoin exchange-traded fund (ETF) shortly.
“I’m very optimistic that these [ETF] applications will be approved, if only because they ought to be approved according to the law,” he stated.
Grewal observed that the recent court decision delivered a setback to the SEC, affirming that the overseer lacked justification to reject Grayscale’s proposal to transform its GBTC Bitcoin fund into an ETF.
On October 20, a court in the District of Columbia is scheduled to release a directive that could strengthen an August judgment supporting Grayscale, which aimed to transform its Bitcoin Trust (GBTC) into an Exchange-Traded Fund (ETF).
The Securities and Exchange Commission (SEC) decided against appealing that decision, suggesting a possible route for endorsing an exchange-traded fund (ETF) related to Bitcoin in the upcoming months.
A platform for digital banking services known as Matrixport is said to have predicted a significant increase in the price of Bitcoin if a spot exchange-traded fund (ETF) was launched to the market.
Compared to the previous exchange-traded funds (ETFs) for precious metals, which have a total market value of approximately $120 billion, Matrixport suggests that we could see a flow of twelve to twenty-four billion dollars into the Bitcoin ETF. This estimate assumes that 10 to 20 percent of investors in precious metal ETFs are considering diversifying their investments by considering a Bitcoin ETF as a safeguard toward currency appreciation and rising prices.
If Tether’s market capitalization increases by $24 billion, functioning as a substitute for prospective ETF inflows, then the value of Bitcoin would rise to $42,000, which would be a conservative price estimate.
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