As a seasoned crypto investor, I’ve seen my fair share of market ups and downs. And while the debut of six new Bitcoin and Ethereum ETFs in Hong Kong was an exciting development, the low trading volumes leave me feeling underwhelmed.
As a crypto investor, I’ve noticed an intriguing development in the financial world: Hong Kong recently introduced six new Bitcoin and Ethereum exchange-traded funds (ETFs). The trading volume for these new ETFs reached HK$87.5 million ($11.2 million) on their debut day. This figure pales in comparison to the initial trading of 11 Bitcoin spot ETFs in the United States, which generated a massive $4.6 billion.
Over the past day, bitcoin’s value dropped beneath $61,000 mark, representing a 2.3% decrease. Additionally, the cryptocurrency experienced a more substantial decline of 8% over the last week.
Hong Kong’s ETFs Record Low Volumes
Based on HKEX data, the six Bitcoin and Ethereum ETFs overseen by China Asset Management, Harvest Global, Bosera, and HashKey showed modest performance and tepid investor demand following their launch in Hong Kong yesterday.
On its debut day, the Bosera HashKey Bitcoin ETF generated a trading volume of HK$249,000, whereas the Bosera HashKey Ether ETF recorded a trading volume of HK$99,000 when the market closed.
Instead of saying “In contrast,” you could consider using the phrase “notably outperforming” or “generating more trading activity.” For example:
Bitcoin Falls Below $62,000
Despite the recent approval of Bitcoin and Ethereum ETFs in Hong Kong, the crypto market as a whole continues to exhibit a pessimistic outlook. This may be due in part to lackluster performance data emerging from Asian markets. In response, Bitcoin took a downturn and fell below the $61,000 mark for the first time in 11 days.
Last week, Bitcoin showed signs of growth and reached a peak of around $67,000. Yet, it was unable to maintain this progression and started declining, dropping as low as $60,700 by Monday.
After a short bounce back up to $64,800, bitcoin encountered renewed resistance and failed to sustain any significant gain. The broader crypto market mirrored this trend, with a collective market cap decline of approximately 3% over the past day, now standing at around $2.35 trillion.
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2024-04-30 15:22