Bitcoin and Ethereum Surge Amid Reports of Approved Hong Kong Bitcoin ETFs

Bitcoin and Ethereum have seen notable price increases in the wake of reports indicating the approval of spot crypto ETFs by various issuers in Hong Kong. Bitcoin surged by 2.8% over a 24-hour period, reaching above $66,500, while Ethereum advanced to $3,240, according to data from CoinDesk Indices. These gains come amidst claims made by China Asset Management, Bosera Capital, and others on WeChat (Weixin) that they have been granted approval to list spot bitcoin and ether ETFs in Hong Kong.

However, the validity of these assertions remains uncertain, as the Securities and Futures Commission (SFC) of Hong Kong has not issued an official statement confirming the approval of ETF issuers. Despite the lack of clarity from regulatory authorities, reports circulating on social media platforms have fueled optimism within the cryptocurrency market.

The absence of an official announcement from the SFC has led to speculation and ambiguity surrounding the status of the purportedly approved ETF issuers. Some of the posts claiming approval have been deleted, adding further uncertainty to the situation.

In response to these developments, QCP Capital, a Singapore-based digital assets trading house, shared its perspective with CoinDesk, suggesting that the approval of ETFs could stimulate institutional demand, particularly during Asia trading hours. While the news is viewed as potentially bullish in the short term, QCP Capital emphasized the importance of considering broader narratives and macroeconomic factors as drivers of market sentiment and volatility.