Wintermute Boosts Hong Kong Crypto ETFs with Liquidity Support
Wintermute, a major player in the crypto market, revealed plans to provide liquidity support to OSL and HashKey for Hong Kong's spot Bitcoin and Ethereum ETFs.
This strategic move aims to bolster Wintermute’s foothold in the rapidly expanding Asian crypto markets.
In an announcement today, Wintermute emphasized its intention to collaborate closely with OSL and HashKey, both serving as sub-custodians for the spot crypto ETFs in Hong Kong. The partnership will involve facilitating transactions involving the purchase, sale, and delivery of underlying Bitcoin and Ethereum assets for these ETFs.
Wintermute’s CEO, Evgeny Gaevoy, underscored the pivotal role of ETFs in attracting a broader spectrum of investors to the crypto sphere, including institutional and retail participants. Gaevoy praised Hong Kong’s proactive stance as a leading proponent of crypto adoption in the Asia-Pacific region and expressed optimism for similar developments in other jurisdictions.
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Hong Kong recently witnessed the launch of six spot BTC and ETH ETFs managed by prominent firms such as China Asset Management, Harvest Global, Bosera, and HashKey. Notably, the three spot Bitcoin ETFs experienced their inaugural cumulative daily outflows of BTC assets on Monday, led by China Asset Management’s ETF.
Trading volumes for the spot Bitcoin ETFs reached $8.6 million on Monday, a slight dip from the $9.74 million recorded on their debut trading day. Similarly, trading volumes for the three Ethereum ETFs declined to $1.8 million on Monday from $2.99 million on April 30.
As of Monday, the three spot Bitcoin ETFs collectively held approximately 4,150 BTC, with total net assets rising to $266.8 million from $247.7 million on their first day of trading, according to data from SosoValue.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
