Bitcoin (BTC) and Ethereum (ETH) prices surge as applicants for Bitcoin ETFs in Hong Kong claim approval has been granted.

The Securities and Futures Commission (SFC), Hong Kong’s regulatory authority for financial markets, has yet to issue an official statement regarding the approval of spot crypto exchange-traded funds (ETFs).

Bitcoin (BTC) has experienced a 2.8% increase over the past 24 hours, surpassing the $66,500 mark, while Ethereum (ETH) has risen to $3,240, according to data from CoinDesk Indices. This surge in prices follows reports from multiple issuers in Hong Kong claiming they have received approval for spot Bitcoin and Ethereum ETFs.

Companies such as China Asset Management and Bosera Capital took to social media platform WeChat (Weixin) to announce their approval for listing spot crypto ETFs in Hong Kong. However, these announcements appear to have preempted an official statement from the SFC, as the commission has not yet released a list of approved issuers. Some of the posts made by these companies have been removed since then.

Efforts to reach the SFC for comment through emails and phone calls have been unsuccessful.

In response to these developments, Singapore-based digital assets trading house QCP Capital shared with CoinDesk its belief that the approval of ETFs will stimulate institutional demand during Asia trading hours. Previously, participants seeking exposure were limited to U.S. trading hours, but the availability of Asia-based alternatives through ETFs is expected to attract institutional investors. QCP Capital views this development as bullish in the short term, although it emphasizes that broader macroeconomic events remain key drivers in the market.