by Chris Lion 
Hong Kong’s newly launched spot Bitcoin and Ethereum ETFs saw minimal engagement upon debut.
Hong Kong’s six new spot Bitcoin and Ethereum exchange-traded funds (ETFs) debuted with a trading volume of HK$87.5 million ($11.2 million), notably lower than the $4.6 billion achieved by 11 spot Bitcoin ETFs during their inaugural trading in the U.S.
The launch of the ETFs provides investors with a well-regulated and convenient vehicle to gain exposure to the two largest cryptocurrencies by market capital.
Meanwhile, Bitcoin’s price dropped below $57,000, showing a 6% decline within the last 24 hours and a 12% decrease over the past week.
Hong Kong’s ETFs Witnessed Low Trading Volume
According to Hong Kong Stock Exchange (HKEX) data, interest in the six Bitcoin and Ethereum ETFs, managed by China Asset Management, Harvest Global, Bosera, and HashKey, was relatively low following their debut in Hong Kong today.
Additionally, on its debut day, the Bosera HashKey Bitcoin ETF registered a trading volume of HK$249,000 ($31804.706), while the Bosera HashKey Ether ETF closed with a trading volume of HK$99,000 ($12647.146).
Exchange operators, including Livio Weng, CEO of HashKey Exchange, a Licenced Virtual Asset Exchange in Hong Kong, are contacting regulators about potential rewards for ETF stakers. However, deployment of these incentives has been delayed due to risk assessment procedures, though the staking mechanism promises returns for investors.
Bitcoin Crashes Below $57,000
Despite the launch of Bitcoin and Ethereum ETFs in Hong Kong, the crypto market sentiment remains bearish. BTC reacted poorly and dropped below $57,000 for the first time in over a month.
Bitcoin kicked off last week with a brief surge, surpassing $67,000. However, it could maintain momentum and started to decline. At the time of writing, the crypto exchange was trading at $56,924. Despite the crash. BTC is still trading 100% higher on its year-to-year chart.
Speaking on the market post-event, Justin d’Anethan, head of APAC Business Development at Keyrock, noted that pre-listing trading volumes might significantly decrease compared to U.S. stock markets, but they still reflect increasing acceptance of these products among Hong Kong investors. The reception was noteworthy, especially since many participants are investors from mainland China.
