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Amid the buzzing excitement following the approval of Bitcoin and Ethereum Spot Exchange-Traded Funds (ETFs) in Hong Kong, Bloomberg Intelligence analyst Eric Balchunas has made a post highlighting the explosive growth of the products in the United States.

US Bitcoin ETFs Assets Surpasses Hong Kong’s

According to Eric Balchunas, the combined asset pool held by US Spot Bitcoin ETFs is more than that of the entire Hong Kong ETF market. Bachunas’s disclosure demonstrates the enormous rise in interest in Bitcoin-related financial products among US investors. 

Furthermore, it emphasizes how the public adoption of cryptocurrencies and their integration into established financial markets are growing. In the ever-evolving world of cryptocurrency, this revelation indicates a major shift in investors’ confidence and portfolio allocation techniques.

Balchunas’s report coincides with its colleague James Seyffart’s post, also underscoring the country’s dominance in the Bitcoin ETFs market. Seyyfart claimed that more assets are found in US-listed BTC ETFs than in any single Hong Kong-listed ETF.

The Bloomberg analyst noted that the US ETF market is pegged at $9 trillion in assets compared to Hong Kong’s entire ETF market, which is valued at $50 billion. Meanwhile, Mainland China boasts an ETF market valued at $325 billion, underscoring the stark disparity in size between the two markets.

The post read:

The US ETF Market is almost $9 Trillion in assets, that is a trillion with a ‘T’. The entire Hong Kong ETF market is $50 billion. Mainland China ETFs are $325 billion. We are talking about literal orders of magnitude differences in size and impact.

Seyffart made the claims in response to a pseudonymous X user’s post urging investors to short Ethereum using heavy leverage due to news regarding BTC and ETH ETFs being approved in HK by April 15. 

While the user believes the development could impact the market significantly, Seyffart thinks it is not major news. However, he believes the development might prove to be a significant deal in the long run. 

Clearing the air, Seyffart highlighted his perspective is not meant to downplay these ETFs’ potential or the notion that they might end up serving as the Asian center for exposure to digital assets on TradFi rails. However, their impact will probably not be as substantial as that of a launch in US markets.

Most BTC ETF Issuers Saw Zero Inflow

In the past few days, the US ETF market appears to have witnessed a notable decline in interest. On Monday, Farside revealed that over the last two days, BlackRock‘s BTC ETF has been the only fund to see inflows, while all other ETFs have seen zero or no inflows.

Data from Farside shows that Blackrock’s IBIT recorded $73.4 million in net inflows on Monday. Meanwhile, other companies recorded $0 in net inflow, and Grayscale saw about $110 million in net outflow.

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Жителю штата Небраска Чарльзу Парксу предъявлено обвинение в неправомерном использовании вычислительных ресурсов на сумму $3,5 млн для майнинга эфира, лайткоина и Monero.

UK Finance, the trade association representing the UK banking and financial services industry, is spearheading a pioneering pilot program aimed at leveraging crypto and blockchain technology to track financial transactions. This initiative marks a significant step forward in the adoption of crypto-related solutions within traditional banking systems.

Under the umbrella of UK Finance’s experimental shared ledger project, top players in the banking sector have joined forces to participate in the pilot testing phase.

Notable participants include industry giants such as Barclays Plc, Lloyds Banking Group Plc, Citigroup Inc., Mastercard Inc., and Visa Inc. Together, these institutions are laying the groundwork for a new era of financial innovation.

Crypto Collaboration Fuels Progress

At the heart of this initiative is the goal to bridge the gap between traditional banking systems and the burgeoning world of cryptocurrency. By harnessing the power of blockchain technology, UK Finance aims to create a seamless platform for tracking and managing financial transactions in a decentralized manner.

The pilot program, which has been underway for the past two months, is being facilitated by Quant, a leading provider of interoperable blockchain networks. CEO Gilbert Verdian expressed optimism about the progress of the pilot phase, noting that it represents a crucial step towards building a viable commercial system for tokenized deposits and securities.

Tokenized Deposits: The Future Of Finance

One of the key innovations driving this initiative is the concept of tokenized deposits. By digitizing assets and recording them on a unified blockchain, financial institutions can streamline transactions and enhance security. Tokenized deposits offer the potential for faster, more efficient cross-border transactions, while also reducing the risk of errors and fraud.

Furthermore, the adoption of tokenized deposits aligns with broader industry trends towards digitization and blockchain integration. The UK government’s Technology Working Group has issued a report urging companies to collaborate on tokenization goals, emphasizing the importance of innovation and cooperation in driving the future of finance.

Fostering Fintech Innovation

Looking ahead, UK Finance plans to expand participation in its pilot program to include fintech startups and technology companies. Beginning in July, these innovators will have the opportunity to test new products and solutions based on tokenized commercial bank money. This inclusive approach reflects UK Finance’s commitment to fostering innovation and collaboration across the financial ecosystem.

In a recent interview, Verdian highlighted the transformative potential of programmable payments for banks, noting that they offer a more efficient alternative to traditional payment systems. As the pilot program progresses, participating institutions will have the opportunity to explore new business models and unlock new opportunities for growth and innovation.

Featured image from Pexels, chart from TradingView

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Старший аналитик по ETF Bloomberg Intelligence Эрик Балчунас считает, что не стоит преувеличивать важность одобрения спотовых криптовалютных ETF в Гонконге ― рынок ETF в городе-государстве очень мал.