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Giant Chinese funds call for a BITCOIN spot ETF. Two of China's investment giants, Harvest Fund and China Southern Fund, are reportedly looking for spot Bitcoin exchange-traded funds (ETFs) in Hong Kong.

This move coincides with declining investor interest in U.S. spot Bitcoin ETFs, as evidenced by the slowdown in weekly inflows.

Chinese giants set their sights on Hong Kong's Bitcoin spot ETFs

Securities Time reported that the Hong Kong subsidiaries of both Harvest Fund and China Southern Fund are actively participating in the Bitcoin ETF application process. In addition, they participate in the implementation process.

Harvest Fund, in particular, has filed a proposal for a spot Bitcoin ETF with the Hong Kong Securities and Futures Commission (SFC). In addition, the Hong Kong division of China Asset Management has partnered with a Hong Kong-based Bitcoin ETF custodian.

Read more: What is a Bitcoin ETF? Learn about the different types

Industry analysts predict that these apps could get approval as early as the second quarter of 2024. With $230 billion and $280 billion in assets under management, respectively, Harvest Fund and China Southern Fund would significantly increase participation in Bitcoin-related investment products.

The timing aligns with a CoinShares report noting "signs of moderating enthusiasm for ETFs." Last week, the inflow of digital asset investment products, including U.S.-approved spot Bitcoin ETFs, amounted to just $646 million.

This figure reflects a decrease from the $862 million two weeks earlier.
Source: Beincrypto