Penurunan Bitcoin Berdampak pada Edisi Koin Pasar ETF Hong Kong

　　Penurunan Bitcoin Berdampak pada Edisi Koin Pasar ETF Hong Kong

• 　　Hong Kongs ETFs witnessed low trading volumes in the initial four trading days.

• 　　The Bitcoin ETFs marked $5.5 million in trading volume on Friday, much lower than the first day.

• 　　Bitcoins bearish track significantly impacts Hong Kongs failure to attract investors to the ETF market.

　　Recent reports revealed that Hong Kongs recently launched Bitcoin ETFs marked comparatively lower trading volumes in the first four days. Amidst declining Bitcoin price, the Bitcoin exchange-traded funds failed to attract investors and traders.

　　Reinforcing its vision of establishing a crypto hub, Hong Kong launched Bitcoin and Ether ETFs on April 30, following the Securities and Futures Commissions (SFC) green light. In total, asset managers China Asset Management, Harvest Global, Bosera, and HashKey launched 6 Bitcoin and Ether ETFs.

　　In a previous interview, ChinaAMC executive Zhu Haokang posited that the initial listing scale of Hog Kong‘s ETFs would exceed the initial day’s scale of US ETFs. He remained confident of the ETFs as he asserted, “The details will be revealed to everyone at 9:30 tomorrow morning.”

　　Contrary to Haokang‘s words, on the initial day, the ETFs recorded a total trading volume of 87.58 million Hong Kong Dollars, equivalent to $12 million. The figure marked a severe low from the first-day trading volume of US spot Bitcoin ETFs, valued at $4.6 billion. However, Bloomberg’s ETF analyst Eric Balchunas asserted that considering the size of Hong Kong‘s crypto market compared to that of the US, the volume doesn’t mark Hong Kongs failure.

　　The trading volume declined substantially in the following days, with Bitcoin ETFs witnessing a $5.5 million trading volume on Friday. Reports state that the prevailing bear market and the falling BTC price, which lost nearly a tenth of its value in the past month, remain a significant barrier to the success of Hong Kongs ETFs.

　　At present, Bitcoin is trading at $63,331, with a slight surge of 0.15% in the last day. The pioneer cryptocurrency even witnessed the $56k mark at the onset of May. Over the past week, Bitcoin has shown a decline of 0.96% and a dip of 5.33% over the past month.