ChinaAMC Ether ETF (83046.HK) Up 5.30% as Ether Reclaims US$2,400

NewTimeSpace News: As of 10:52 on November 5, ChinaAMC Ether ETF (83046.HK) rose 5.30% to a latest price of RMB4.848. The ETF has so far traded 96,000 units today, with turnover of RMB465,300 and an average price of RMB4.847; its turnover rate is 1.06%. It has gained 8.80% week to date. The net asset value per unit is RMB4.595, and assets under management stand at RMB41.57 million. (Note: NAV and AUM are as of November 4; the week-to-date change is based on the October 30 close of RMB4.456; this counter is denominated in renminbi.)

Ether settled at US$2,421.50 on November 4, up 6.58%, breaking through US$2,400 to a two-week high, while Bitcoin reclaimed US$80,000 to close at US$80,360, up 3.35%. Political uncertainty eased after the Democrats won both chambers in the midterm elections, and falling US Treasury yields and oil prices supported risk appetite. In derivatives, US$936.1 million was liquidated across the market in the past 24 hours, of which US$533.28 million were short positions and about US$370 million was in Bitcoin alone, while open interest fell 4.36% to US$347.73 billion — indicating the rebound was driven by short covering rather than fresh buying. Glassnode data show US spot ether ETFs have not recorded a single day of net inflows since September 29, with US$1.61 billion of outflows in October.

ChinaAMC Ether ETF (83046.HK) is the renminbi counter of a spot virtual asset ETF managed by ChinaAMC (Hong Kong), sharing the same fund as the HKD counter 03046 and the USD counter 9046. The fund directly holds ether, investing up to 100% of assets in ether traded on licensed virtual asset trading platforms, and measures performance against the CME CF Ether-Dollar Reference Rate (Asia Pacific Closing). No distributions are made. It listed on April 30, 2024, with a management fee of 0.99% per year and a board lot of 100 units.

Markus Thielen, founder of 10x Research, notes that too much value in the Ethereum ecosystem flows to layer-2 networks, and that lower fees have weakened the supply contraction from token burn; ether needs to deliver more value to holders and may underperform Bitcoin.