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
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.
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 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.
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.
Balchunas wrote in an April 30 X post: “You have to understand [that Hong Kong] is 1/168th the size of the U.S… That said, Hong Kong ETFs launched at a good time as the U.S. is slowing, so their $141m+ in inflows going to more than offset slightly negative U.S. flows.”
The Hong Kong-based ETFs only amassed $12.4 million in trading volume during the first day, which pales compared to the first-day trading volume of U.S. spot Bitcoin ETFs, valued at $4.6 billion.
Bitcoin fell to a weekly low of $60,543 on April 30, a day after the launch of the first batch of spot Bitcoin ETFs in Hong Kong. The world’s first cryptocurrency is down over 7.3% on the weekly and 13% on the monthly chart, according to CoinMarketCap.
Bitcoin's BTC tickers down $60,412 price fell below the $61,000 mark after the first spot Bitcoin exchange-traded funds (ETFs) went live in Hong Kong. Is Bitcoin at risk of going below $60,000 in the next few days?
The cryptocurrency ETFs were issued by three Chinese firms — China Asset Management, Bosera Asset Management, and Harvest Global Investments — on the Hong Kong exchange.
Hong Kong on Tuesday launched six spot bitcoin and ether exchange traded funds — becoming the first in Asia to offer retail investors the ability to trade the cryptocurrencies at spot prices.
In January, the U.S. Securities and Exchange Commission approved changes to allow the creation of bitcoin ETFs in the U.S., but has yet to approve an ether ETF.
The cryptocurrency ETFs were issued by three Chinese firms — China Asset Management, Bosera Asset Management, and Harvest Global Investments — on the Hong Kong exchange.
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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.
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
Balchunas wrote in an April 30 X post: “You have to understand [that Hong Kong] is 1/168th the size of the U.S… That said, Hong Kong ETFs launched at a good time as the U.S. is slowing, so their $141m+ in inflows going to more than offset slightly negative U.S. flows.”
Bitcoin fell to a weekly low of $60,543 on April 30, a day after the launch of the first batch of spot Bitcoin ETFs in Hong Kong. The world’s first cryptocurrency is down over 7.3% on the weekly and 13% on the monthly chart, according to CoinMarketCap.
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.
Bitcoin's BTC tickers down $60,412 price fell below the $61,000 mark after the first spot Bitcoin exchange-traded funds (ETFs) went live in Hong Kong. Is Bitcoin at risk of going below $60,000 in the next few days?
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
The Hong Kong-based ETFs only amassed $12.4 million in trading volume during the first day, which pales compared to the first-day trading volume of U.S. spot Bitcoin ETFs, valued at $4.6 billion.
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.
Hong Kong on Tuesday launched six spot bitcoin and ether exchange traded funds — becoming the first in Asia to offer retail investors the ability to trade the cryptocurrencies at spot prices.
The cryptocurrency ETFs were issued by three Chinese firms — China Asset Management, Bosera Asset Management, and Harvest Global Investments — on the Hong Kong exchange.
The cryptocurrency ETFs were issued by three Chinese firms — China Asset Management, Bosera Asset Management, and Harvest Global Investments — on the Hong Kong exchange.
In January, the U.S. Securities and Exchange Commission approved changes to allow the creation of bitcoin ETFs in the U.S., but has yet to approve an ether ETF.
Six spot crypto ETFs that invest in the world’s two largest cryptocurrency tokens debuted on the Hong Kong stock exchange, launched by mainland Chinese fund managers ChinaAMC, Harvest International, and Bosera Asset Management, which is teaming with HashKey Capital, the investment arm of Hong Kong crypto firm HashKey Group.