The recently approved Bitcoin (BTC) and Ethereum (ETH) Spot Exchange Traded Funds (ETFs) in Hong Kong failed to gather a significant volume on their first trading day on Tuesday.
Bitcoin and Ethereum Spot ETFs issued in Hong Kong registered a combined trading volume of around $12 million at market close on Tuesday. When compared to the US stock market, the response from the Asian market is underwhelming. US Bitcoin Spot ETFs recorded $4.6 billion in trade volume in their first trading day, 383 times the volume observed in Hong Kong.
The launch of Bitcoin ETFs for US-based investors recorded nearly $4.6 billion in trade volume back in January, 383 times of volume observed in the around $12 million posted by Hong Kong ETFs. Bitcoin Spot ETFs debuted in Asia three months after the US launch to see a relatively cold response from market participants in Hong Kong. While crypto is banned in mainland China, Hong Kong has emerged as Asia’s virtual asset hub, a haven for traders interested in exchange-traded products.
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