HK CSOP Bitcoin Futures ETF Trading Volume Jumps to HK$175.87M

According to reports, the Hong Kong CSOP Bitcoin Futures ETF trading volume reached HK$175.87 million on October 24, with capital inflows of HK$138 million. Renowned Chinese crypto reporter Colin Wu noted that this was the most significant day for trading volume and net inflow since the ETF was listed.

The Hong Kong CSOP Bitcoin Futures ETF’s trading volume reached HK$175.87 million on October 24, with capital inflows of HK$138 million. It was the largest day for both trading volume and net inflow since the ETF was listed. Previously, the daily turnover was only HK$1 million to…

— Wu Blockchain (@WuBlockchain) October 24, 2023

Wu considered the recent spike in volume a significant development, considering that the previous daily turnover ranged between HK$1 million and HK$2 million.

CSOP Bitcoin Futures ETF is an actively managed exchange-traded fund incorporated in Hong Kong. Those adopting this investment vehicle do so with a long-term perspective, expecting to achieve long-term capital growth by primarily investing in CME Bitcoin Futures.

The reported data about the Hong Kong CSOP Bitcoin Futures ETF joins other emerging developments in the crypto market, reflecting fallouts from the latest spike in Bitcoin price. According to Watcher Guru, the real-time finance reporting platform, $310 million worth of Bitcoin shorts liquidated in the past 24 hours.

In another development, Lookonchain, the smartmoney onchain platform, reported that MicroStrategy’s 158,245 BTC holdings, worth $5.4 billion, generated an unrealized profit of about $746 million. According to reports, the institutional investor has bought 28,560 Bitcoins at an average price of $25,707 since May 2022, which brings his average buying price down to $29,582.

The developments mentioned above follow a newly found volatility in the Bitcoin market that achieved a yearly high for the flagship cryptocurrency. Bitcoin surged 17.5% in 24 hours, rising from $30,007 to $35,189, which marks its highest price since May 2022.

Bitcoin traded for $34,616 at writing time, with the price action reflecting significant bullish momentum. Users expect the price to climb higher as we move towards the end of the year.

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