# Hong Kong's First ETFs Underperform Expectations as Bitcoin Falls Below $62K By Sheena Jordan Canonical URL: https://www.tokenpost.com/news/business/11673 Published: 2024-05-01T03:02:24.000Z Updated: 2024-05-01T03:02:24.000Z Section: Business > In a disappointing debut, Hong Kong's inaugural Bitcoin and Ether ETFs attracted minimal trading volume, contributing to a sharp 2% drop in Bitcoin prices to just under $62,000 and a 2.8% decline in Ether, as investor… In a disappointing debut, Hong Kong's inaugural Bitcoin and Ether ETFs attracted minimal trading volume, contributing to a sharp 2% drop in Bitcoin prices to just under $62,000 and a 2.8% decline in Ether, as investors showed tepid interest. Hong Kong ETF Launch Disappoints as Bitcoin and Ether Prices Tumble Amid Low Demand In a recent report by [CoinDesk](), Bitcoin (BTC) was under selling pressure during European hours after statistics revealed low demand for Hong Kong's newly listed exchange-traded funds linked to Bitcoin and ether. According to CoinDesk [data](), the leading cryptocurrency by market value declined about 2% in 60 minutes, from $63,300 to around $61,000, at 09:00 UTC. The second-largest cryptocurrency, Ether (ETH), fell 2.8% to $3,066. The six ETFs that began trading in Hong Kong fell far short of expectations. Their total trading volume was only $11 million, a fraction of the anticipated $100 million. Bitcoin ETFs accounted for $8.5 million, with ether ETFs contributing the remainder. The cumulative volume is much lower than the $655 million first-day total for US-based spot BTC ETFs. Since then, nearly a dozen spot BTC ETFs began trading in the United States on January 11, attracting almost $12 billion in investor funds. However, inflows have recently halted, slowing bitcoin's upward momentum. Spot ETFs allow investors to gain exposure to cryptocurrencies without owning them. They are considered a preferable alternative to futures-based ETFs, subject to rollover costs. Hong Kong's Crypto ETFs Launch with Muted Debut Amid Regulatory Differences The volume of cryptocurrency exchange-traded funds was just over $11 million. Hong Kong's bitcoin (BTC) and ether (ETH) ETFs [failed]() to take off on their trading debut, falling severely short of original expectations. The six listed crypto ETFs generated $11 million in volume, with bitcoin ETFs accounting for $8.5 million and ether ETFs for $2.5 million. According to local media sources, issuers expected an initial volume of over $100 million. Ether ETFs are permitted in the Hong Kong market because Chinese regulators are less concerned about Ether's status as a security than their counterparts in the United States. A US ether ETF will [not be listed]() for some time because the Securities and Exchange Commission (SEC) has not clarified whether ether is a security. Ether ETFs are also listed on the Toronto Stock Exchange by issuers such as Evolve and Purpose Investment. On the first day in the United States, overall trading volume reached $655 million. Bitcoin was down more than 1%, trading at about $62,100, according to CoinDesk Indices data. Photo: [Microsoft Bing]() [TokenPost]() | info@tokenpost.com ## Links in this article - [CoinDesk](https://www.coindesk.com/markets/2024/04/30/bitcoin-slips-under-62k-as-hong-kong-etfs-disappoint/?fbclid=IwZXh0bgNhZW0CMTAAAR1UafZ2B6ltMHPGk68LYKgBN4YDhyIaZJflZpDj9A5Pva5hTTBqVDjC1J8_aem_ARDClW2tv46evB9nhlqGBBpPvZC_tix8XuqiEjGRr89JKiuGk8gEhZV4mckJR3DBM_QnLp9lc4bqMFf5KA0hOOxy) - [data](https://www.coindesk.com/price/bitcoin/?_gl=1*1i34tgs*_up*MQ..*_ga*MjAwODA5Mjg2OC4xNzE0NDgzOTMw*_ga_VM3STRYVN8*MTcxNDQ4MzkzMC4xLjAuMTcxNDQ4MzkzMC4wLjAuMTYzODUzMjI4NA..) - [failed](https://www.coindesk.com/markets/2024/04/30/hong-kong-bitcoin-and-ether-etfs-have-soft-debut/?_gl=1*1izbkxg*_up*MQ..*_ga*MjAwODA5Mjg2OC4xNzE0NDgzOTMw*_ga_VM3STRYVN8*MTcxNDQ4MzkzMC4xLjAuMTcxNDQ4MzkzMC4wLjAuMTYzODUzMjI4NA..) - [not be listed](https://www.coindesk.com/markets/2024/04/23/ether-etfs-are-unlikely-to-be-approved-in-may-standard-chartered/?_gl=1*166eyvv*_up*MQ..*_ga*MjAwODA5Mjg2OC4xNzE0NDgzOTMw*_ga_VM3STRYVN8*MTcxNDQ4MzkzMC4xLjEuMTcxNDQ4NDAzMS4wLjAuMTYzODUzMjI4NA..) - [Microsoft Bing](https://www.bing.com/images/create/hong-kong27s-first-etfs-underperform-expectations-a/1-663109e53fd24c16983e9f1daabf2ccf?id=KGQJVc%2bjV9QF2BkegPMA9A%3d%3d&view=detailv2&idpp=genimg&thId=OIG3.FfEiFgyi_c3Gpop.y9MJ&FORM=GCRIDP&mode=overlay) - [TokenPost](https://www.tokenpost.com)