Hong Kong CSOP Bitcoin Futures ETF Marks Record Trading Volume and Net Inflow Amid Recent Rally
Hong Kong's CSOP Bitcoin Futures ETF has experienced a surge in trading volume and net inflow amidst the recent Bitcoin (BTC) rally.
On October 24, the ETF recorded a trading volume of HK$175.87 million, accompanied by net inflows of HK$138 million, marking the highest trading volume and net inflow since the ETF's listing, according to data by Yahoo! Finance.
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.
Over the past 24 hours, the flagship cryptocurrency has gained more than 12%, reaching as high as $35,000 before trimming some gains.
At the time of writing, BTC is trading at $34,613, according to data from CoinGecko.
The reason behind the recent surge in Bitcoin price is increasing optimism around the launch of a spot Bitcoin ETF in the U.S.
Coinbase Chief Legal Officer Paul Grewal said last week that the SEC will soon approve a spot Bitcoin ETF.
"I'm quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law," he said.
Grewal noted that the recent court ruling dealt a blow to the SEC, stating that the regulator had no grounds to deny Grayscale's bid to convert its GBTC Bitcoin fund into an ETF.
On October 20, a District of Columbia court is set to issue a mandate that could
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