Disappointing Launch Day for Hong Kong’s Bitcoin, Ethereum ETFs as BTC Slumps Below $61K

Hong Kong’s debut of six new spot 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 U.S., which achieved a staggering $4.6 billion.

Meanwhile, bitcoin’s price dumped below $61,000, having experienced a 2.3% decline within the last 24 hours and an 8% decrease over the past week.

Hong Kong’s ETFs Record Low Volumes

The Hong Kong Stock Exchange (HKEX) data indicates that the performance and interest in the six Bitcoin and Ethereum ETFs managed by China Asset Management, Harvest Global, Bosera, and HashKey were relatively low after debuting in Hong Kong today.

The Bosera HashKey Bitcoin ETF recorded HK$249,000 in first-day trading volume, while the Bosera HashKey Ether ETF saw HK$99,000 in trading volume at the closing bell.

In contrast, the China Asset Management (CAM) Bitcoin ETF performed better, generating HK$4.6 million in trading volume at the closing bell. 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 crypto market remains negative. Perhaps driven by the disappointing numbers coming from Asia, BTC reacted in a negative manner and dumped below $61,000 for the first time in 11 days.

Bitcoin started last week with some positive momentum, briefly surpassing $67,000. However, it failed to sustain this upward trend and began to lose value, reaching a low of $60,700 on Monday.

Following a brief recovery to $64,800, bitcoin faced another rejection, struggling to maintain even a minor rally. Meanwhile, the rest of the crypto market followed suit, with the market capitalization dropping 3% over the last 24 hours to $2.35 trillion.