The Hong Kong debut of six new bitcoin and ethereum exchange-traded funds (ETFs) marked a trading volume of HK$87.5 million ($11.2 million). This volume was significantly below the inaugural trading of 11 spot bitcoin ETFs in the US, which reached a staggering $4.6 billion.
Meanwhile, the price of bitcoin fell below $61,000, having seen a 2.3% drop in the last 24 hours and an 8% decline over the past week.
Hong Kong ETFs see low volumes
Hong Kong Stock Exchange (HKEX) Data indicates that performance and interest in the six bitcoin and ethereum ETFs managed by China Asset Management, Harvest Global, Bosera and HashKey were relatively low after their debut today in Hong Kong.
The Bosera HashKey bitcoin ETF recorded HK$249,000 in trading volume on the first day, while the Bosera HashKey Ether ETF recorded HK$99,000 in trading volume at the close.
In contrast, the China Asset Management (CAM) bitcoin ETF performed better, generating HK$4.6 million in trading volume by close. The CAM Ether ETF also had a trading volume of HK$4.6 million.
bitcoin falls below $62,000
Even with the introduction of bitcoin and ethereum ETFs in Hong Kong, the overall sentiment in the cryptocurrency market remains negative. Perhaps driven by disappointing numbers coming out of Asia, btc reacted negatively and fell below $61,000 for the first time in 11 days.
bitcoin started last week with some positive momentum, briefly topping $67,000. However, it failed to maintain this uptrend and began to lose value, reaching a low of $60,700 on Monday.
After a brief recovery to $64,800, bitcoin faced another rejection, struggling to sustain even a minor rally. Meanwhile, the rest of the cryptocurrency market followed suit, with the market capitalization falling 3% in the last 24 hours to $2.35 trillion.
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