BTC, ETH Rise as Hong Kong Bitcoin ETF Applicants Say They’ve Been Approved

BTC and ETH prices have experienced an increase as several issuers in Hong Kong claim to have been approved for spot crypto ETFs. Bitcoin has risen by 2.8% in the past 24 hours, reaching over $66,500, while ether has reached $3,240. However, these claims made on WeChat by China Asset Management and Bosera Capital seem to have preempted an official statement from the Securities and Futures Commission (SFC), and some of the posts have already been deleted. QCP Capital, a Singapore-based digital assets trading house, commented that the approval of these ETFs could potentially attract institutional demand during Asia trading hours, providing an alternative for investors outside of US hours. However, it is important to note that there are other significant factors, such as macro events, that are driving the market in addition to the ETF news.