Happycoin.club - Newly launched Bitcoin ETFs in Hong Kong saw relatively low trading volumes in their first four days. As the price of BTC fell, exchange-traded funds failed to attract investors and traders.
Reinforcing its vision of creating a crypto hub, Hong Kong launched a Bitcoin and Ether ETF on April 30 after receiving approval from the Securities and Futures Commission (SFC). In total, asset managers China Asset Management, Harvest Global, Bosera and HashKey have launched 6 Bitcoin and Ethereum ETFs.
In a previous interview, ChinaAMC chief executive Zhu Haokang said that the effect of listing Hong Kong ETFs will exceed the scale of US ETFs on the first day of trading.
Contrary to Haokang’s words, on the first day the total trading volume of the ETF was 87.58 million Hong Kong dollars, which is equivalent to $12 million. Let us recall that the same figure for spot Bitcoin ETFs in the United States reached $4.6 billion.
Interestingly, Bloomberg ETF analyst Eric Balchunas believes that given the size of the Hong Kong crypto market compared to the US market, this volume does not mean failure.
Trading volume dropped significantly in the following days, reaching $5.5 million on Friday. The prevailing bear market and the fall in the price of BTC, which has lost almost a tenth of its value over the past month, are believed to remain a major obstacle to the success of Hong Kong ETFs.
On the evening of May 5, Bitcoin was trading around the $64,000 level with a slight increase of 0.4% over the past 24 hours. At the beginning of May, the price of the main cryptocurrency reached $56 thousand.
