Bitcoin Price Drops After Disappointing Launch of Hong Kong ETF

IndustryTrends

The debut of six spot Bitcoin and Ether ETFs in Hong Kong saw mixed results and tepid trading, reflecting cautious investor interest in crypto assets.

Bitcoin's price fell sharply, dropping below $60,000 after the ETF launch, which was met with underwhelming interest.

The launch of Asia's first spot cryptocurrency ETFs led to volatility, with Bitcoin initially rising over $63.3k but then facing a downturn amid the ETFs' lackluster performance.

Despite expectations, the total trading volume for the Bitcoin and Ether ETFs on opening day was just $12.4 million, far below the anticipated demand.

The muted response to the ETFs, along with a shift in the bitcoin options delta, indicated a change in investor sentiment from initial optimism to disappointment.