Hong Kong may be ahead of the US with spot Ethereum ETFs

Hong Kong firms are now hoping to beat the US in launching spot Ethereum ETFs. Hong Kong based news site Singh Tao Daily claims “Industry insiders” say there are currently “intense products” for Spot Ethereum ETFs within the jurisdiction.

Spot Ethereum ETFs in Hong Kong?

Livio Weng, Chief Operating Officer (COO) of Hashkey Group, told Sing Tao Daily that Spot Ethereum ETFs are currently the most sought-after new investment product in the industry.

With Spot Bitcoin ETFs already in the market, everyone is now waiting for the second ETFs in the market. But spot bitcoin ETFs have been the biggest hit in the US so far.

Hong Kong's Securities and Futures Commission (SFC), the country's financial watchdog, Published Requirements for Spot Crypto ETFs in December

Shortly thereafter, Harvest Fund Management submitted its first application for a spot bitcoin ETF. The US Securities and Exchange Commission (SEC) is currently evaluating applications for 10 Spot Ethereum ETFs.

35% Opportunity for Spot Ethereum ETF in USA

If Bloomberg expert Eric Balzunas is to be believed, there is currently a 35 percent chance that Spot Ethereum ETFs will be approved in the US by May 2024.

Earlier, Balchunas says the prospect of Spot Ethereum ETFs was very high during the month. Since the SEC is currently very quiet about Spot Ethereum ETFs, he changed his expectation to a 35 percent chance.

According to him, applications usually require comments and then applicants can process it. Around the launch of spot bitcoin ETFs, applicants and the SEC met several times to discuss the situation.

This is not yet the case for Spot Ethereum ETFs. Will Hong Kong really win this match against the US?

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