Last week, Hong Kong welcomed new products from three issuers - China Asset Management, Bosera Asset Management, and Harvest Global Investments. This move showcases the city-state's interest in joining the global crypto ETF market, currently dominated by the West, particularly the United States. As China and other Eastern countries enter this competition, a new direct rivalry emerges against the US in the crypto ETF space.

China Asset Management unveiled two products on April 30, 2024 - ChinaAMC Bitcoin ETF and ChinaAMC ETHER ETF. On May 3, 2024, the CAM BTC and CAM ETH ETFs exhibited slight discounts in comparison to the day of listing. Despite fluctuations in premium and discounts, both ETFs have shown positive price changes.

The launch of Bosera Asset Management's Bosera Hashkey Bitcoin ETF and Bosera Hashkey Ether ETF on April 30, 2024, has also garnered attention. These ETFs recorded premium and discounts based on their prices at the time of listing and subsequent days. Notably, both ETFs exhibited positive price changes towards the end of the week.

Harvest Global Investments introduced Harvest Bitcoin Spot ETF and Harvest Ether Spot ETF on April 30, 2024. The performance of HGI BTC and HGI ETH ETFs showed varying degrees of premium and discounts since their listing. However, they both closed the week with positive price advancements.

The inauguration of spot Bitcoin and Ethereum ETFs in Hong Kong indicates a strategic move to expand the Crypto ETF market outside of Western regions. The fluctuating performance of ETFs from these three issuers exemplifies a shifting and evolving landscape in the market. As Hong Kong solidifies its presence in the global crypto ecosystem, the success of these ETFs could introduce new possibilities and challenges to the dominance of Western markets, reflecting changing investor sentiments and market dynamics in the East.