The assets under management of Hong Kong’s largest futures Bitcoin exchange-traded fund (ETF) have soared by 500%, reaching the $100 million mark since October 2023.

Hong Kong-based capital market firm CSOP Asset Management revealed in an interview with Reuters that its exchange-traded product CSOP Bitcoin Futures ETF has experienced a five-fold increase in assets under management (AUM) over the past five months, reaching just over $100 million as local investors pursue the crypto rally.

Alessandro Zhu, who oversees crypto products and serves as the deputy head of fixed income at CSOP Asset Management, attributed the high demand to the launch of spot Bitcoin ETFs in the U.S., which the U.S. Securities and Exchange Commission approved in January this year.

In addition to the green light, Zhu says investors also believe that Bitcoin’s limited supply — which is capped at 21 million BTC — will drive prices higher, as the largest crypto by market capitalization has already outperformed Hong Kong stocks.

With trading volumes growing, the average daily turnover for the CSOP Bitcoin Futures ETF has reached the $2.8 million mark, representing a 188% increase compared to $0.97 million last year.

Hong Kong remains a hotspot for crypto-related activities as more financial institutions pivot towards the city. As Coin Insider Daily reported, Harvest Fund Hong Kong recently filed for a spot Bitcoin ETF with the Hong Kong Securities Regulatory Commission, in line with local authorities’ indications of willingness to approve spot crypto ETFs.

Additionally, Harvest Fund’s subsidiary, Harvest Global Investments, is reportedly engaged in discussions with the Hong Kong Monetary Authority concerning planned stablecoin trials within regulatory sandboxes.