Hong Kong introduced six ground-breaking spot bitcoin and Ethereum (CRYPTO:ETH) exchange-traded funds (ETFs) on April 30, attracting considerable attention with an initial investment of HK$87.5 million ($11 million).
Despite the initial enthusiasm, these ETFs didn't perform as well as anticipated, especially when compared to their counterparts in the United States, which saw a staggering $4.6 billion in investments on their first day.
This underperformance highlights the significant gap in market reception and investor interest between the two regions.
Although China Asset Management Co. (China AMC) led the initiative, aiming to boost Hong Kong’s position in the global ETF market, the results fell short of reaching the high benchmarks set by U.S. spot Bitcoin (CRYPTO:BTC) ETFs, underscoring the challenges Hong Kong faces in matching the U.S.'s dominance in the ETF domain.