Blog Details

Bitcoin Wavers Around $63K, Awaiting Hong Kong Spot Crypto ETF Debut


Despite muted anticipation for the new products, an executive of one of the issuers reportedly expects that the first-day issuance of the Hong Kong offerings will exceed the U.S. debut in January.

–Cryptocurrencies gave up their weekend gains, with the broad-market CoinDesk Market Index declining 3% over the past 24 hours.
–The first batch of Hong Kong-listed spot bitcoin and ether ETFs will start trading on Tuesday morning.
–ChinaAMC's head of digital asset management said the offerings will be beneficial for crypto prices improving liquidity and expand participation.

Crypto markets were lower across the board, with bitcoin (BTC) wavering near $63,000 as the upcoming Hong Kong crypto spot exchange-traded fund (ETF) debut has failed to spark excitement among investors.

BTC drifted lower during the day from $64,000 over the weekend, slipping briefly to $61,800 before recovering to just near $63,000 at U.S. afternoon hours. The largest crypto by market value was recently changing hands at $63,000 down about 1% in the past 24 hours, holding up better than the broad-market CoinDesk Market Index (CD20), which lost 3% over the same period.

Most altcoin majors also gave up their weekend gains, with ether (ETH), solana (SOL), dogecoin (DOGE) declining 4%-6%.

Defying the muted anticipation, an executive of ChinaAMC – one of the three issuers of the new Hong Kong-listed spot ETFs – reportedly said during a press briefing that the first-day issuance of shares may surpass the U.S. debut's $125 million, referring to the new products' seed funding.