Bitcoin and Ethereum spot ETFs began trading in Hong Kong, but day-one trading volumes were a fraction of those recorded in the United States in January 2024.
Bitcoin and Ethereum exchange-traded funds (ETFs) finally hit Hong Kong markets, but trading volumes suggest that the launch of Bitcoin ETFs in the United States set an exceptionally high bar to match.
The six new crypto ETFs' total trading volume at the closing bell on day one in Hong Kong was 87.58 million Hong Kong dollars ($12 million). This number pales in comparison to the first-day trading volume of U.S. Bitcoin ETFs, which was valued at $4.6 billion.
Read more of this crypto news here! (https://cointelegraph.com/news/hong-kong-bitcoin-eth-etfs-12m-first-day-trading)
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While we should be taking this Hong Kong ETF for Bitcoin and Ethereum as a good news, the expectations should be managed well as this can never be compared to what just transpired in USA where the market is way bigger and there were then many institutions and people that really waited the ETF approval in January. I would say that the impact is not yet in the numbers but who knows what can be, maybe one year from now there can be an avalanche of support and takers for Bitcoin ETFs in Hong Kong maybe coming from the mainland China though I understand that it can be difficult for Chinese investors to get into this market (based on what I read in the news).