Hong Kong crypto ETFs’ rise to popularity
During a June 28 interview with Hong Kong’s public broadcast agency, Radio Television Hong Kong, Hang Seng Investment Management chief executive and board member Peishan Li disclosed that digital asset ETFs listed in the special administrative region of China have surpassed $12 billion Hong Kong dollars ($1.532 billion) in assets under management. Li noted:
“At present, there is no clear goal [from our firm] to create an ETF with the theme of virtual assets, but it has paid close attention to the development of related asset classes, and is examining the possibility of deploying virtual currencies in existing investment products.”
According to figures provided by Li, the total AUM of Hong Kong crypto ETFs grew by 80% compared with December 2022, with a daily trading volume of 1.7 billion HKD. This represents 6% of the daily trading volume of all stocks on the Stock Exchange of Hong Kong. The SAR previously allowed the listing of crypto ETFs in July 2022, which initially struggled to gain traction.
Binance co-founder warns of altcoin rout
On July 2, Binance co-founder and former Chinese television host Yi He warned, “Please don’t trust the community’s trading signals that blindly chase higher prices,” noting the price of major altcoins “have fallen by 80% to 90%” in recent times. The warning came just days after the exchange listed MAV, the token of permissionless decentralized finance protocol Maverick, and offered perpetual MAV contracts at 20x leverage.
Launched in March, Maverick boasts an advanced automated market maker liquidity provider network, securing a $9 million funding round in June. The protocol is backed by prominent names such as Jump Crypto, Pantera Capital, Circle and Gemini. Since its launch, the protocol has reached nearly $55 million in total value locked.
Shortly after the listing, MAV skyrocketed to $1.98 a piece on Binance before slumping to $0.43 at the time of publication, which is…