HongKong market is smaller than many other markets in the USA, UK, Europe and it makes sense if Bitcoin Spot ETFs in HongKong won't make big impacts on Bitcoin price. Because demands and capital inflow from HongKong Bitcoin Spot ETFs would be small and not big enough to impact on price.
See the chart that shows not too impressive capital flow from HongKong Bitcoin Spot ETFs since start of May 2024.
On the other hand, Bitcoin Spot ETFs in the USA shows some signals of an upward trend after some weeks of negative flows.
You are right, the data is showing a consistent rise in the money inflow into BTC ETFs in USA, that's because these big ETF companies that applied for ETFs have money prepared for BTC, but they are doing it in OTC or under the table, to decrease the impact on market, and that's taking time, so with time the money data is increasing, every day or every month there is huge increment because the money they were having for BTC, is now being thrown into the market with different time according to the market situation and according to these companies strategies.
Speaking of ETFs, we now have ETH ETF approved as well in the USA, which brought more volume to the ETH, the main concern to end this discussion started by OP is, that when HK approved the ETH ETFs, the price of ETH did not show any good impact, but when the US SEC approved there ETH ETFs, the price of ETH rise from $3,300 to $3,900. Overall, market size and money are big factors in bringing good impact.