Following the approval of Spot Bitcoin and Spot Ethereum ETFs by Hong Kong’s Securities and Futures Commission, Tim Bevan, CEO at ETC Group, has commented below. ETC Group is Europe’s leading provider of institutional-grade exchange-traded products in digital assets. In 2020, ETC Group blazed a trail in the industry with the debut of the ETC Group Physical Bitcoin ETP as the first crypto-linked product on XETRA, recognised by its ticker BTCE. Continuing the innovative streak, recent additions to ETC Group's market-leading product line-up include ET32, a unique total return Ethereum staking ETP linked to a transparent staking benchmark, and DA20, the only broad-market Crypto Basket ETP tracking an MSCI digital assets benchmark of the top 20 investable cryptocurrencies.
Tim Bevan commented. “Hong Kong approving spot ETFs soon after the announcement of the LSE reiterates the global ripple effect of the spot ETF approvals in the US. This is further confirmation that Bitcoin is now an established investable asset amongst the traditional finance community globally and will create further demand pressure over time. Whilst we may see short-term volatility around the halving event and the escalation of geopolitical risk, the long-term supply/demand dynamics are skewed heavily to the upside, and we expect to see target price revisions for 2025 well in excess of $100k.”
