Bitcoin Slips Under $62K as Hong Kong ETFs Disappoint

[Stanlosky]

Bitcoin (BTC) faced selling pressure during European hours after data showed poor uptake for Hong Kong’s newly listed exchange-traded funds tied to bitcoin and ether.
The leading cryptocurrency by market value fell nearly 2% from $63,300 to under $61,000 in 60 minutes to 09:00 UTC, CoinDesk data show. Ether (ETH), the second-largest cryptocurrency, slipped 2.8% to $3,066.
The six ETFs that commenced trading in Hong Kong on Tuesday fell far short of expectations, with a combined trading volume of just $11 million, a fraction of the expected $100 million. Bitcoin ETFs accounted for $8.5 million of the tally, while ether ETFs contributed the rest.

The cumulative volume is also significantly lower than the U.S.-based spot BTC ETFs' first-day tally of $655 million. Nearly a dozen spot BTC ETFs began trading in the U.S. on January 11 and have pulled in nearly $12 billion in investor funds since then. Inflows, however, have recently slowed, stalling bitcoin’s uptrend.
Spot ETFs allow investors to take exposure to cryptocurrency without having to own it. They are considered a better option than futures-based ETFs, which are subject to rollover costs.

[Charles-Tim]

United States was not the first country that its SEC approved bitcoin ETF. Canada and many countries in Europe have approved bitcoin ETF before United States. But people did not know much about it. You can not compare United States traditional market to those like Hong Kong. Nobody will be expecting something like this.

It is worth to know that bitcoin price today is decreasing, but that does not mean all-time-high is not coming. Do not expect bullrun to start immediately after halving.

[Captain Corporate]

To be perfectly honest, I did not expected it to go under 60k at all, that was definitely something I couldn't see beforehand. But that still doesn't change anything on the long run, we are talking about a halving aftermath, which means that the price will still go up. However, the fact that it reached above all time higher before the halving and then it started to crash after the halving all looks like its a bit unique this time around. Lets hope that the follow up period will not become that complicated neither, we are going to end up with a situation where its not going to be easy at all, so we should definitely be careful.

[MrSpasybo]

United States was not the first country that its SEC approved bitcoin ETF. Canada and many countries in Europe have approved bitcoin ETF before United States. But people did not know much about it. You can not compare United States traditional market to those like Hong Kong. Nobody will be expecting something like this.

It is worth to know that bitcoin price today is decreasing, but that does not mean all-time-high is not coming. Do not expect bullrun to start immediately after halving.

I believe investors are not comparing capital flows in Hongkong to those in the US, but rather they are placing their hopes on the massive capital flow from mainland China. Hongkong is seen as part of China and has been chosen as a testing ground for open crypto policies before they are rolled out across the mainland. Unfortunately, according to the latest announcement, capital from the mainland cannot access BTC & ETH Spot ETFs in Hongkong. Therefore, the disappointment is quite significant and we cannot see the positive impact from these Spot ETFs.

However, this is not too negative either. We should accept the reality and the positive impacts: the crypto experiment in Hong Kong is going well and we can wait for acceptance from the Chinese government in the future. Everything takes time, even BTC Spot ETFs in the US took 11 years to be approved.

[TomPluz]

So far, it is quite clear that ETFs for Bitcoin in any other country than USA failed to really make the market moves for BTC. Even before the approval and operation of ETFs in USA, there were already other countries that started their own ETFs but just like the recently opened Hong Kong market, they are not considered to be big players in the market all because of minuscule business volume, unlike the one we witnessed in USA. What is clear to me right now is that ETFs in USA is now becoming a major direct influencer for the price of Bitcoin in the global market and we can see how it can be affecting the asset in the next many years...where its ups and downs are inextricably linked to each other. Will there are those who assumed that ETFs in Hong Kong can be of big help for Bitcoin in terms of pushing demand, what happened is the opposite where its lackluster performance somewhat contribute to further weakening of the price of Bitcoin.

[Alone055]

It went down to $56,550 and now is back to $58,150, but there are still chances for it to dip again. I thought it wasn't going to stop before hitting $55k but that didn't happen. 

Whether it's because of the ETF not performing up to the expectations or any other reason, one thing is for sure, this is going to make the experience much more fun because what's the fun in having a bull run where you don't see a good correction before it? 

[Jamal Aezaz]

Certain bad news and higher selling rates have put negative impacts on Bitcoin price as a result of which the overall market is declined in price. These changes are Temporary and the decline does not suggest that we will not see 73k$ value again because the effects of bad news do not remain forever.

After halving we have not seen any positive things happen in the market but according to predictions the halving does not alter the price faster so as we have experienced 73k$ before halving so without doubt we will see price movement more than 73k$ after halving.

[KingsDen]

After halving we have not seen any positive things happen in the market but according to predictions the halving does not alter the price faster so as we have experienced 73k$ before halving so without doubt we will see price movement more than 73k$ after halving.

Before halving and ETF approval, I had always said and anticipated that two will derive the market!

• US ETF
• Halving bull run

I said, if A refuses to move the market, that B will. And fortunately A already moved the market. We shouldn't expect the effect of B almost immediately.

[Stompix]

I believe investors are not comparing capital flows in Hongkong to those in the US, but rather they are placing their hopes on the massive capital flow from mainland China. Hongkong is seen as part of China and has been chosen as a testing ground for open crypto policies before they are rolled out across the mainland. Unfortunately, according to the latest announcement, capital from the mainland cannot access BTC & ETH Spot ETFs in Hongkong.

Everyone knew that!
Any trader who ha a clue about what ETFs in Hong Kong are would have known that capital there is restricted, that China has allowed a lot of things going there for decades and has no plans on applying it in the mainland, part of their policy to show that HK is still somewhat "free" and that it honors the agreement with the UK. Plus there was the volume, Hk is nowhere near the size of the US, but it can still dream of being 1%.

The whole hype was just hype born out of speculations and nothing more, and worse than that speculations with no real basis.

And right now, as China doubles down on capital control and has declared capital outflow a thing of national security thinking they will be encouraging something outside their control is just daydreaming.

[MRY]

After halving we have not seen any positive things happen in the market but according to predictions the halving does not alter the price faster so as we have experienced 73k$ before halving so without doubt we will see price movement more than 73k$ after halving.

Before halving and ETF approval, I had always said and anticipated that two will derive the market!

• US ETF
• Halving bull run

I said, if A refuses to move the market, that B will. And fortunately A already moved the market. We shouldn't expect the effect of B almost immediately.

Does this mean there is a good opportunity for the price of bitcoin in the future? because remembering what you have said that some group A has moved markets.

[0t3p0t]

After halving we have not seen any positive things happen in the market but according to predictions the halving does not alter the price faster so as we have experienced 73k$ before halving so without doubt we will see price movement more than 73k$ after halving.

Before halving and ETF approval, I had always said and anticipated that two will derive the market!

• US ETF
• Halving bull run

I said, if A refuses to move the market, that B will. And fortunately A already moved the market. We shouldn't expect the effect of B almost immediately.

Does this mean there is a good opportunity for the price of bitcoin in the future? because remembering what you have said that some group A has moved markets.

Well for me yes it does. Bitcoins price on much wider time frame will prove that claim because it is still rallying upwards to this day. I mean very bullish so much better for you to fill your bags before new ATH will come or else it will be another year that you've missed the train just like me as I've missed previous bullruns and I hate to think it would happen again to me in the future.

[Peter90]

To be perfectly honest, I did not expected it to go under 60k at all, that was definitely something I couldn't see beforehand.

If you had foreseen how Nasdaq had moved, given the correlation between BTC and Nasdaq, you could

[LUCKMCFLY]

Well, sometimes the effect is immediate because things with bitcoin usually take longer, it is entering a new market, an unexplored market and things can be better defined when they have to happen for operations to accept all this, the new technologies They are crucial and things have to happen when they have to happen, that is why when we seek to be more successful buying bitcoin, it is best, buy while you can, how will the price be affected? Yes, it is better to buy because when the price rises things will go much better, so given these things it can be intuited that later we can expect a good bullish rally, and if it happens it cannot happen.

[LogitechMouse]

~
It is worth to know that bitcoin price today is decreasing, but that does not mean all-time-high is not coming. Do not expect bullrun to start immediately after halving.

This is a wrong mindset of investors especially on newbies.
I've seen threads both here and in Bitcointalk asking other users why the market isn't starting to pump up yet even though the Bitcoin halving event happened already. They think that an "IMMEDIATE" bull run will happen. Their expectations are too high and when their expectation aren't met, they will feel frustrated and will feel negative on the market.

Re: Bitcoin Slips Under $62K as Hong Kong ETFs Disappoint

Like what others said, the HongKong market isn't even comparable to the US market. Their expectations towards ETFs in general is too high that when it didn't get reach, they will feel negative hence, a selling pressure will be created. TBH, I'm leaning more towards the fact that the S&P500 also experienced a market correction, so does the crypto market. I mean the correlation between the two in terms of price movements.

Overall, no need to panic (for those who are panicking because of the correction that happened). Like what they always say, what goes down, goes up and vice-versa.