The much-awaited Hong Kong spot Bitcoin & Ethereum ETFs finally commenced their journey on Tuesday, April 30, marking a monumental achievement following the U.S.’ commencement of BTC ETF trading. However, the crypto-backed exchange-traded funds kicked off to a dull start in Hong Kong, recording only $12 million in trading volume on the first day. 

This has stirred a whirlpool of speculation among Asian crypto market participants, who are speculating over the potential success of these exchange-traded funds in the near future. Amidst this flurry of speculations, Bosera Hashkey, one of the ETF service providers in Hong Kong, nabbed significant attention with its colossal BTC and ETH holdings.

Arkham Reveals Bosera HashKey’s BTC & ETH Holdings

Notably, data revealed by Arkham, a blockchain analytics platform, illustrated Bosera Hashkey ETFs hold a staggering 964 BTC, worth $59 million, and 4.29K ETH, worth $12.94 million. This colossal amount undermined today’s trading volume registered, further fueling speculations among crypto investors.

It’s worth noting that the U.S. spot Bitcoin ETFs witnessed a staggering $4.6 billion in trading volumes on the very first day, with prominent ETF service providers holding much more BTC in the U.S. than Bitcoin ETF providers in Hong Kong. Nonetheless, the Asian crypto community appears to be optimistic about today’s launch of BTC and ETH ETFs.

Meanwhile, it’s also worth mentioning that following the BTC ETF’s inception into the U.S. trading space, Bitcoin’s price noted an unprecedented surge in its value. However, with considerably lower trading volumes within the Asian landscape, the BTC price did not undergo significant changes.

Similarly, the ETH ETF also did not bring about a substantial shift in Ethereum’s price action, adding to speculations within the market. 

Also Read: HK Bitcoin & Ethereum ETF $12M Volume Is Impressive: Bloomberg Analyst

BTC & ETH Prices Slip

At press time, Bitcoin’s price tumbled 2.32% in the past 24 hours, reaching $61,321. Ethereum’s price dipped 4.57% over the past day, resting at 3,024.

The dip in BTC & ETH prices primarily aligns with the broader market’s recent trend, whereas it also contrasts BTC’s price movement post-U.S. Spot Bitcoin ETFs approval. Crypto market participants expect a gradual surge in investors to kick in Asia surrounding the BTC & ETH ETFs. This further aligns with sentiments of bolstered price movements for the tokens ahead.

Also Read: Gold Price Tumbles Ahead US FOMC Meeting, Bitcoin to Follow?

The post Hong Kong Bitcoin & Ethereum ETFs: Bosera Hashkey Holds 964 BTC & 4.29K ETH appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am