Crypto ETFs have hit saturation

When Bitcoin exchange-traded funds (ETFs) hit the market in the U.S., they brought billions of dollars in new investment to the industry, and Bitcoin jumped and pulled the entire market with it. But that didn't happen in Hong Kong.

Bitcoin and Ethereum ETFs were introduced in Hong Kong yesterday, and there was only $8.5 million in Bitcoin ETF trading and $2.5 billion in Ethereum ETF trading on opening day. That could indicate the appetite for crypto ETFs is fading.

Binance founder's fate

The other cloud hanging over crypto is the sentencing of Binance founder Changpeng "CZ" Zhao in Seattle. He pleaded guilty to one count of violating the Bank Secrecy Act in November, but prosecutors have asked for a three-year sentence.