A Bitcoin ETF could be lucky to raise $500 million from the tiny Hong Kong market, says a Bloomberg ETF analyst.

dot Bitcoin Bloomberg ETF analyst Eric Balchunas said an exchange-traded fund (ETF) to be launched in Hong Kong would be “lucky” to raise $500 million from the city’s “small” ETF market.

Balchunas dismissed as “crazy” a prediction on April 15 that the approval of spot Bitcoin ETFs would inject $25 billion into the cryptocurrency industry. post At X.

He said the BTC ETF is likely to launch next week.

Hong Kong’s Bitcoin ETF market is “small” compared to the US

Balchunas said the Hong Kong ETF market is “small” compared to the U.S. and Chinese investors may not have access to it, at least legally.

ETF issuers approved in Hong Kong are currently dwarfed by “big” asset managers like BlackRock, which has more than $9 trillion in assets under management, Balchunas said.

“The U.S. spot Bitcoin ETF holds more assets than the entire Hong Kong ETF market,” the analyst said in a follow-up post to X.

Stat of the day: US spot Bitcoin ETFs have more assets than the entire Hong Kong ETF market. https://t.co/sQ1VMUhKFI

— Eric Balchunas (@EricBalchunas) April 15, 2024

U.S. spot Bitcoin ETFs also charge “dirty cheap fees,” well below the roughly 1-2% fees Hong Kong-based funds are expected to carry, Balchunas added.

“Other countries adding btc ETFs will undoubtedly be additional, but by a very small amount compared to the strong US market,” he said.

BlackRock’s IBIT continues to lead the US market.

black stone Spot Bitcoin ETF (IBIT) maintained its dominance in the US ETF market after becoming the only fund to receive inflows in 2019. last 2 days.

IBIT recorded net inflows of $73.4 million on April 15, while Grayscale Bitcoin Trust (GBTC) recorded outflows of $110.1 million.

The top 10 U.S. spot Bitcoin ETFs experienced net outflows of $55.1 million and $36.7 million on April 14 and April 15, respectively.

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