Despite making their much-anticipated debut in the Hong Kong market, Bitcoin (BTC) and Ether (ETH) ETFs were barely able to hit modest trading volumes.
According to data from the Hong Kong Stock Exchange, the total trading volume of the ETFs amounted to over 87M HKD (equivalent to $11 million), which is significantly below the market expectations.
This figure is also a fraction of the record-breaking trading volume witnessed during the US debut, where 11 listed spot Bitcoin ETF products saw a total trading volume of $4.6 billion.
On the first day of trading, six newly launched spot Bitcoin and Ethereum ETFs, issued by China Asset Management, Harvest Global, Bosera, and HashKey, debuted. Among them, China Asset Management's "ChinaAMC Bitcoin ETF" led in trading volume, with HK$37.16 million turnover during the initial trading session.
Meanwhile, the value of Bitcoin and Ethereum tanked following the release of the ETFs. As of writing, Bitcoin is priced at $60.17K, down by over 4.5% in the last 24 hours. Ethereum does not fare any better, either, with the token currently hovering below the $3,000 mark.
