Bitcoin and Ethereum Spot ETFs made their debut in Hong Kong on April 30.
Hong Kong’s approval of Spot Ethereum ETF could pave the way for more Layer 1 tokens being accepted as ETFs. OKX’s Hong Kong branch OKLINK pointed out that Hong Kong’s attractiveness may have increased among crypto projects. Coinbase’s recent institutional research report showed that chances of Spot Ethereum ETF getting approved are 30 to 40%.
The acceptance of more Layer 1 chains as ETFs is expected to greatly increase the Asian city’s attractiveness for projects and investors. Jason Jiang, researcher at Ouke Cloud Chain Research Institute was quoted in OKX’s research and said, The significance of Hong Kong's issuance of virtual asset spot ETFs is not that it can bring major changes to the market in the short term, but that it signals that Hong Kong financial institutions will accelerate their embrace of virtual assets.
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