Bitcoin Slips Under $62K as Hong Kong ETFs Disappoint
Bitcoin's value fell nearly 2% from $63,300 to under $61,000 in 60 minutes due to selling pressure during European hours. This was after data showed poor uptake for Hong Kong’s newly listed exchange-traded funds (ETFs) tied to bitcoin and ether. The six ETFs that started trading in Hong Kong fell short of expectations, with a combined trading volume of just $11 million, significantly lower than the expected $100 million. Bitcoin ETFs accounted for $8.5 million of the total, while ether ETFs contributed the rest. This cumulative volume is also much lower than the U.S.-based spot BTC ETFs' first-day tally of $655 million. Spot ETFs allow investors to take exposure to cryptocurrency without owning it, considered a better option than futures-based ETFs, which have rollover costs.
