Cryptocurrency exchange-traded funds are experiencing a broad rally across the board. ChinaAMC Ethereum (03046) has climbed 7.27% to HK$6.27, while Bosera Ethereum (03009) is up 7.00% at HK$20.18. Meanwhile, ChinaAMC Bitcoin (03042) has risen 4.66% to HK$9.89, and Harvest Bitcoin (03439) has gained 4.53% to HK$9.93, according to latest trading data.
The surge comes amid fresh regulatory developments in the United States. The digital asset market structure bill, known as the Clarity Act, which has been under discussion in Congress, failed to gain further traction in the Senate. In response, the SEC has decided to establish a regulatory pathway for certain tokenized securities trading within the existing legal framework. The regulator introduced a rule dubbed "innovation exemption," which permits qualified trading platforms to offer tokenized stock trading in the US, along with a package of regulatory waivers for these platforms over a five-year period.
Buoyed by this positive news flow, Bitcoin has reclaimed the US$80,000 level. Analysts at JPMorgan noted in a research report that Bitcoin currently has more upside potential than gold. The bank highlighted that the substantial short positions in Bitcoin ETFs create conditions for a potential short squeeze down the road, a risk that does not exist for gold. Furthermore, when compared to gold ETFs, the total scale of funds recently flowing back into Bitcoin ETFs is considerably smaller.
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