The reason for the decline of Bitcoin has been found, and it is actually because of the Hong Kong Bitcoin ETF.
We all know that the Hong Kong Bitcoin ETF was originally a major positive. It was the first batch of virtual asset spot ETFs launched in Asia after the United States approved the listing of the first batch of Bitcoin spot ETFs.
But I didn't expect that the trading volume of this Hong Kong Bitcoin ETF on the first day of listing was only 90 million, which is not as good as the volume of a wild chicken exchange. Binance's daily volume is as high as 5 billion US dollars, and the volume of the US Bitcoin spot ETF on the first day of listing is also 4.6 billion US dollars.
Originally, the Hong Kong Bitcoin ETF was a major positive, but it did not meet expectations and turned into a major negative. The dog dealer took the opportunity to smash it, but don't panic, let's control the position, attack or defend, use time to exchange space, digest this wave of negative first, and stabilize it first!
