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So it looks like the Hong Kong #Bitcoin ETFs will feature in-kind creation and redemption.

This essentially one-ups the U.S. ETFs because “In Kind” means they must actually have the Bitcoin on hand to settle.

This was removed from all the US ETFs .

Bitcoin game theory playing out in front of us.

Asia, you're up!

Unlike the ETFs in the west, HK doesn't have a fund that held 600k #Bitcoin ready to unload on the market as the ETFs go live.

All of their ETFs start at essentially 0 BTC. They can only buy at the starting line.