Bitcoin
The price of Bitcoin (BTC) hovers around US$63,000, awaiting the debut of the Spot Crypto ETF in Hong Kong
Crypto markets were down across the board, with bitcoin (BTC) hovering near $63,000 as the debut of Hong Kong’s spot crypto exchange-traded fund (ETF) failed to spark enthusiasm among investors.
BTC fell during the day from $64,000 over the weekend, briefly falling to $61,800 before recovering to nearly $63,000 in US afternoon time. The largest cryptocurrency by market cap recently changed hands at $63,000, down about 1% in the last 24 hours, holding up better than the broad market CoinDesk Market Index (CD20), which lost 3% in the same period.
Most major altcoins also gave up their weekend gains, with Ether (ETH)Solana (SUN)dogecoin (DOGE) decreasing 4%-6%.
Crypto markets have been swinging sideways in recent weeks in the absence of a strong investment narrative to drive prices, cooling off from last month’s record BTC price action and the altcoin and memecoin frenzy. CoinDesk Bitcoin It is Ether Trend Indicators both remain at a neutral reading, indicating a market without clear direction.
Although spot bitcoin and ether ETFs in Hong Kong begin trading on Tuesday morning local time, the debut did not spark a similar level of pre-event anticipation as the fever spike that preceded spot bitcoin ETFs. view of the USA. Notably, the price of BTC nearly doubled during the three months leading up to the Jan. 11 debut, and significant inflows helped propel BTC above $73,000 in March.
Defying quiet anticipation, an executive at ChinaAMC – one of three issuers of the new spot ETFs listed in Hong Kong – reportedly said during a press conference that the issuance of shares on the first day could exceed the US$ 125 million of the US debut, referring to the initial financing of the new products.
“I am very confident that the initial listing scale of the Hong Kong virtual asset spot ETF can exceed the first-day issuance scale of the United States,” said Zhu Haokang, head of digital asset and family wealth management.
Wayne Huang, head of ETF and custody at cryptocurrency exchange OSL, said the exchange completed the first day of fundraising for two of the new offerings and confirmed Haokang’s prediction.
“Judging by the numbers, the transactions are indeed much larger than the capital flow of the US bitcoin spot ETF on its first day of trading,” Huang said.
Haokang also said that ETFs will be beneficial for cryptocurrency prices as the offerings provide more liquidity to digital asset markets, broaden funding and participation channels.