Bitcoin (BTC) encountered downward pressure, slipping below $62,000, following disappointing trading volumes for Asia's first spot bitcoin and ether exchange-traded funds (ETFs) in Hong Kong. Within 60 minutes to 09:00 UTC, BTC dropped nearly 2% from $63,300, while Ether (ETH) also declined by 2.8% to $3,066.
Hong Kong's newly listed ETFs fell short of expectations, with a combined trading volume of only $11 million, significantly below the anticipated $100 million. Of this, bitcoin ETFs contributed $8.5 million, with ether ETFs making up the remaining portion.
In contrast, U.S.-based spot BTC ETFs saw a much stronger reception, amassing $655 million on their first day of trading. While these U.S. ETFs have attracted nearly $12 billion since January, recent inflows have slowed, potentially impacting bitcoin's upward trajectory.
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