The latest Bitcoin exchange-traded funds (ETFs) in Hong Kong have failed to make a strong impact, leading to a decline in the cryptocurrency market. The disappointing trading volume and lack of excitement surrounding these ETFs have resulted in a poor image for Bitcoin. The first day of trading for Bitcoin and Ethereum ETFs in Hong Kong fell well below expectations, generating only $11 million in combined trading volume. This is far below the potential target of $125 million. The crypto market analyst WhaleWire has described the institutional demand for these ETFs as “fabricated and non-existent,” suggesting that the recent increase in Bitcoin prices may be due to Tether’s record inflow of money into the markets. Senior analyst Nicholas Sciberras from Collective Shift has warned about the possibility of disastrous falls in Bitcoin’s price, despite its recent surprising rise. He also expressed concerns about the long-term security of Bitcoin, mentioning the decreasing block reward after each halving and the short-term selling pressure and spam clogging the scripts among developers. As a result, the price of Bitcoin has continued to fall, currently trading at $60,819 after a 5% drop. It’s important to note that the information in this article should not be taken as investment advice, and investors should conduct their own research due to the high volatility and risk associated with cryptocurrencies.
