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

Hong Kong’s debut of six new space Bitcoin and Ethereum change-traded funds (ETFs) marked a trading volume of HK$87.5 million ($11.2 million). This volume used to be vastly below the inaugural trading of 11 space Bitcoin ETFs within the U.S., which achieved a staggering $4.6 billion.

Meanwhile, bitcoin’s tag dumped below $61,000, having skilled a 2.3% decline inside of the final 24 hours and an 8% lower all around the final week.

Hong Kong’s ETFs File Low Volumes

The Hong Kong Inventory Replace (HKEX) recordsdata indicates that the efficiency and hobby within the six Bitcoin and Ethereum ETFs managed by China Asset Management, Harvest Global, Bosera, and HashKey were comparatively low after debuting in Hong Kong nowadays.

The Bosera HashKey Bitcoin ETF recorded HK$249,000 in first-day trading volume, whereas the Bosera HashKey Ether ETF seen HK$99,000 in trading volume on the closing bell.

In distinction, the China Asset Management (CAM) Bitcoin ETF performed greater, producing HK$4.6 million in trading volume on the closing bell. The CAM Ether ETF furthermore 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 within the crypto market stays negative. Per chance driven by the disappointing numbers coming from Asia, BTC reacted in a negative manner and dumped below $61,000 for the predominant time in 11 days.

Bitcoin started final week with some definite momentum, swiftly surpassing $67,000. On the other hand, it failed to desire this upward whisper and began to lose value, reaching a low of $60,700 on Monday.

Following a short restoration to $64,800, bitcoin faced one other rejection, struggling to defend up even a minor rally. Meanwhile, the comfort of the crypto market followed swimsuit, with the market capitalization losing 3% over the final 24 hours to $2.35 trillion.