- Bitcoin dipped below $62,000 after earlier surging past $64,700 when Hong Kong’s spot Bitcoin and Ethereum ETFs began trading.
- Trading data showed volumes reached just over $11 million, far short of expectations above $300 million.
Bitcoin price fell under $62,000 again as markets reacted to disappointing first-day results from the much-anticipated spot Bitcoin and Ethereum ETFs that launched in Hong Kong.
At the time of writing, BTC was down about 1.4%, with intraday lows near $61,587 across major cryptocurrency exchanges.
The benchmark cryptocurrency, which has struggled to reclaim key levels since the recent halving, showed a 24-hour trading volume of approximately $28.4 billion.
Bitcoin reaction to Hong Kong spot ETF debut
Earlier in the session, Bitcoin climbed above $64,000 as six spot Bitcoin and spot Ethereum ETFs began trading in Hong Kong.
The flagship cryptocurrency hit a peak of roughly $64,727 on the US-based crypto exchange Coinbase after reports confirmed that Hong Kong had approved the ETF listings.
However, as trading data for the debut day emerged, investors were met with underwhelming volumes and inflows, and Bitcoin quickly gave back its gains. Combined trading across the six ETFs totaled only about $11 million, a steep miss against expectations that had exceeded $300 million.
Breaking that down, Bitcoin ETFs accounted for roughly $8.5 million of the total, while Ethereum ETFs reported about $2.5 million on day one. Ethereum price slipped to around $3,040.
Those Hong Kong figures are significantly smaller than the trading seen when US spot Bitcoin ETFs launched in January, which saw more than $4.6 billion in trading volume on their first day.
The tepid start in Hong Kong has weighed on BTC price, and a shift in sentiment could push Bitcoin below the $60,000 mark. On the upside, resistance near $65,000 remains crucial—if Bitcoin breaks that level decisively, it could move back toward its recent highs.