Hong Kong approves the country's first Bitcoin ETF.

Hong Kong has approved the city's first Bitcoin exchange-traded fund (ETF), according to reports from the Securities and Futures Commission (SFC). The ETF will be managed by China Asset Management (Hong Kong) and other applicants.

China Asset Management (Hong Kong) has partnered with OSL Digital Securities and BOC International Prudential Trusteeship to issue ETFs on Bitcoin and Ether. The news was officially announced by the SFC.

The introduction of this ETF, which provides direct access to the market value of Bitcoin, is expected to strengthen Hong Kong's position as one of the leading global hubs for cryptocurrency trading and investment.

The Bitcoin ETF could generate demand of up to $25 billion, according to estimates from Matrixport, providing traders in China with more direct access to digital assets.

Following the announcement, the price of Bitcoin surpassed $66,500, contributing to the cryptocurrency's rebound after dropping below $63,000 over the weekend.