After the launch of a total of 6 Bitcoin and Ethereum spot ETFs at the end of last month in the Hong Kong market, including the existing 3 futures ETFs, there are currently a total of 9, making it the most in Asia. Earlier opinions suggested that spot ETFs, as competitive products of futures ETFs, combined with low management fees, may lead to some funds flowing out of futures ETFs. However, looking at recent daily average transaction volume or fund flows, the launch of spot ETFs has not caused significant impact on futures ETFs. At the same time, the trading activity of Bitcoin-related ETFs is significantly better than that of Ethereum-related ETFs.