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Kraken’s London-based CF Benchmarks predicts significant growth for crypto exchange-traded funds (ETFs) in Hong Kong despite a weak start. CEO Sui Chung estimates these ETFs will accumulate $1 billion in assets under management (AUM) through 2024. This optimism follows the recent launch of crypto ETFs in Hong Kong, which initially saw modest trading volumes.
CF Benchmarks provides benchmark data for several crypto ETFs focused primarily on bitcoin products, including BlackRock’s IBIT. The firm currently manages approximately 24 billion flats AUM in this market, representing approximately a peninsula of the total crypto benchmark market.
Although initial trading volume for the newly introduced Hong Kong ETFs has been lackluster, Chung remains optimistic about their growth potential. He also identifies South Korea and Israel as potential markets to list crypto ETFs, noting that South Korea in particular does not use ETFs for long-term savings.
Founded in 2017, CF Benchmarks was acquired by Kraken in 2019 for a significant sum. Despite a promising outlook for crypto ETFs.
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