Hong Kong is set to speed up the development of its crypto market infrastructure in 2024, with plans to launch Bitcoin exchange-traded funds (ETFs) and implement stablecoin regulations. Asset manager Harvest Fund has filed for a spot Bitcoin ETF with the Hong Kong Securities and Futures Commission, with the launch expected after the Lunar New Year holiday in February. Other financial institutions have also expressed interest in launching spot Bitcoin ETF products in Hong Kong this year. Meanwhile, several Hong Kong companies are discussing potential stablecoin trials with the Hong Kong Monetary Authority ahead of impending stablecoin regulations.

Bitwise CEO Hunter Horsley has revealed that $31 million has flowed into its Bitcoin ETF "BITB" today, representing effective purchases of Bitcoin by investors. Currently, the Bitcoin asset management scale of the ETF has exceeded $550 million. Hunter Horsley stated that Bitwise is creating a first-level ETF specifically for the unique nature of Bitcoin, with the lowest fees for investors, and has previously announced that 10% of gross profit will be used for Bitcoin open source development.

Vetle Lunde, a senior analyst at K33Research, stated in a post on X platform on January 25th that the Bitcoin ETF currently holds over 126,000 BTC. IBIT has become the second largest BTC investment tool in the world, still lagging behind GBTC. All of the top 4 Bitcoin ETFs are now registered in the United States.

Bitcoin exchange-traded funds (ETFs) have surpassed silver ETFs in terms of assets under management (AUM) within just one week of trading, making Bitcoin the second-largest commodity ETF after gold. The Grayscale Bitcoin Trust ETF (GBTC) alone possesses around 619,000 bitcoins, contributing significantly to the overall AUM of Bitcoin ETFs. Silver has now been relegated to the third position in terms of AUM within the single commodity ETF asset class, with approximately $11.5 billion distributed across five ETFs. BlackRock Inc’s Bitcoin ETF has attracted over $1 billion in investor inflows, making it the first among the recently launched group of nine ETFs directly holding the cryptocurrency to surpass this milestone since their debut last week.

J.P. Morgan predicts that significant funds from existing crypto products will flow into the newly approved spot bitcoin exchange-traded funds (ETFs), although it remains unclear how much fresh capital will be attracted. The bank is sceptical about the optimism surrounding the entry of new capital into the cryptocurrency market as a result of the ETF approval. However, the new ETFs could still attract inflows of up to $36bn, with up to $3bn expected to exit the Grayscale Bitcoin Trust and migrate to the new spot ETFs. The bank also predicts up to $20bn from retail investors migrating from digital wallets held at crypto exchanges to the new ETFs.

The approval of Bitcoin ETFs can open the doors for further derivatives products and enhance BTC’s role in decentralized finance, but its long-term impact may go far beyond financial markets.

ETF analyst Eric Balchunas from Bloomberg stated on X platform that BlackRock's Bitcoin ETF (IBIT) has traded stocks worth $2 million. For a regular ETF, this is already a good first full-day trading volume, let alone during the market trading period at 6 am. However, this trading volume is likely to be carefully planned by BlackRock as it slowly injects funds. Nevertheless, this is a good early indication of an important day.

Patrick Hansen, the Director of Circle's EU Strategy and Policy, wrote on X platform that the average fee for the top ten Bitcoin ETF/ETNs in Europe is 1.047%, while the average fee for the ten Bitcoin ETFs (excluding GBTC) awaiting approval in the United States is only 0.451% (after deduction).

According to Jinse Finance, Tuttle Capital has applied to the US Securities and Exchange Commission (SEC) for six new Bitcoin exchange-traded funds (ETFs). On January 3, Tuttle Capital submitted three separate N1-A documents to the SEC. The proposed structure of Tuttle Capital's Bitcoin ETFs provides leveraged and inverse investment options based on the performance of the reference spot Bitcoin ETF, which is still pending approval from the SEC.

Apompliano, founder of Morgan Creek, posted on social media, stating that if he were a spot Bitcoin ETF issuer, he would win the asset management scale battle by: