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<p>The post <a href="https://coinpedia.org/news/first-day-of-hong-kongs-etf-disappoints-as-bloodbath-continues/" rel="noopener noreferrer nofollow">First Day of Hong Kong’s ETF Disappoints As Bloodbath Continues</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>In a disappointing turn for investors, <a href="https://coinpedia.org/news/boom-or-bust-hong-kongs-crypto-etfs-launch-amid-regulatory-caution-from-chinese-officials/" rel="noopener noreferrer nofollow">Hong Kong’s launch</a> of six new spot Bitcoin and Ethereum exchange-traded funds (ETFs) recorded significantly lower trading volumes than their counterparts in the United States.&nbsp;</p>
<p>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.</p>
<h2 class="wp-block-heading" id="h-disappointing-launch-for-hong-kong-s-etfs">Disappointing Launch For Hong Kong’s ETFs</h2>
<p>Recent data from the Hong Kong Stock Exchange (HKEX) <a href="https://www.hkex.com.hk/Market-Data/Securities-Prices/Exchange-Traded-Products/Exchange-Traded-Products-Quote?sym=3042&amp;sc_lang=en" rel="noopener noreferrer nofollow">reveals that the performance</a> 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.&nbsp;</p>
<p>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.&nbsp;</p>
<p>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.</p>
<h2 class="wp-block-heading" id="h-hong-kong-etfs-trail-us-etfs">Hong Kong ETFs Trail US ETFs</h2>
<p>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.&nbsp;</p>
<p>Since their <a href="https://coinpedia.org/news/bitcoin-etfs-debut-in-the-u-s-what-to-expect-on-day-one/" rel="noopener noreferrer nofollow">launch on January 11</a>, 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.</p>
<h2 class="wp-block-heading" id="h-bitcoin-struggling-around-62k">Bitcoin Struggling Around $62k</h2>
<p>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.&nbsp;</p>
<p>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.</p>
<h2 class="wp-block-heading" id="h-bitcoin-s-price-analysis">Bitcoin’s Price Analysis</h2>
<p>As of now, bitcoin is <a href="https://markets.coinpedia.org/bitcoin/" rel="noopener noreferrer nofollow">trading at $61,207</a>, 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.</p>

First Day of Hong Kong’s ETF Disappoints As Bloodbath Continues

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