Being able to pull actual self-sovereign bitcoin out of them destroys all of these downsides - which all seem to amount to the same thing - the providers are small. This hardly matters if the ETF becomes big. 

02bcd3eeb0

bitcoin

Hong Kong Bitcoin ETF approval is another milestone on Bitcoin's march to $1 M

dzsobacsi

Eric Balchunas may cool your excitement a bit:
https://x.com/EricBalchunas/status/1779867078603718970

> We think they'll be lucky to get $500m. Here's why: 
> 1. HK ETF mkt is tiny, only $50b, and Chinese locals cannot buy these, at least officially. 
> 2. The three issuers that were approved (Bosera, China AMC, Harvest) are tiny. No big fish like BlackRock involved (yet). 
> 3. The underlying ecosystem there is less liq/efficient = these etfs will likely see wide spreads and prem discounts. 
> 4. The fees on these likely to be bt 1-2%. Nowhere near the dirt cheap fees in the US "Terrordome"  

Noteworthy news nevertheless.