In a disappointing turn for investors, Hong Kong’s launch of six new spot Bitcoin and Ethereum exchange-traded funds (ETFs) recorded significantly lower trading volumes than their counterparts in the United States.
The trading volume for these ETFs reached just HK$87.5 million ($11.2 million), in stark contrast to the impressive $4.6 billion achieved by the inaugural trading of 11 spot Bitcoin ETFs in the U.S.
Recent data from the Hong Kong Stock Exchange (HKEX) reveals that the performance and interest in the six Bitcoin and Ethereum ETFs managed by China Asset Management, Harvest Global, Bosera, and HashKey were relatively dull following their debut.
Notably, the Bosera HashKey Bitcoin ETF only saw HK$249,000 in trading volume on the first day, while the Bosera HashKey Ether ETF recorded HK$99,000 at the closing bell.
Meanwhile, the China Asset Management (CAM) Bitcoin ETF fared better with HK$4.6 million in trading volume, and the CAM Ether ETF also had a similar trading volume of HK$4.6 million.
Meanwhile, The total trading volume in Hong Kong’s new spot Bitcoin and Ethereum ETFs is also considerably lower than the first-day trading volume of U.S.-based spot BTC ETFs, which amounted to $655 million.
Since their launch on January 11, nearly a dozen spot BTC ETFs in the U.S. have drawn in almost $12 billion in investor funds. However, recent inflows have slowed, contributing to a stall in bitcoin’s upward momentum.
Bitcoin kicked off last week with some positive momentum, briefly surpassing $67,000. However, it failed to sustain this upward trend and started losing value, hitting a low of $60,700 on Monday. Despite a brief recovery to $64,800, bitcoin faced another setback, struggling to sustain any rally.
This downturn in bitcoin’s price also impacted the broader crypto market, with the total market capitalization dropping 3% over the last 24 hours to $2.24 trillion.
As of now, bitcoin is trading at $61,207, showing a slight decrease in price over the last 24 hours. Despite this decline, the trading volume has surged by 39%, reaching a market capitalization of $1.2 trillion, as reported by Coinpedia.
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