It is stated that some large fund companies in China, where Bitcoin and cryptocurrencies are completely banned, want to join the Bitcoin spot ETF trend. According to the news of Securities Times, one of the Chinese media; Institutions, including large companies such as Harvest Fund Management, see Hong Kong as a tool in this sense.

While it was stated in the news that many applications have already been made, it was stated that some companies are continuing their feasibility studies. Since cryptocurrencies are prohibited in China, applications are made through the companies’ Hong Kong subsidiaries.

The news also stated that Harvest Fund Management, which manages $120 billion, made its application to the Hong Kong Securities Commission in January.

It was also stated that China Asset Management, one of China’s largest asset management companies, established a partnership with Hashkey, one of the regulated stock exchanges in Hong Kong, on Web3 investments and incentives.

Could this be the reason for the rise in the morning?

It is also noteworthy that after this news started to spread in the Far East region, Bitcoin exceeded the level of 70 thousand dollars within minutes.

Bitcoin is trading around 72 thousand dollars at the time the news was written.

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