BTC briefly dipped over the weekend from $64K to $61,K, then recovered to almost $63K in the after-hours trading in the US. The largest cryptocurrency by market capitalization at the time of this article’s publication is at $63,6K.
Most major altcoins, including ETH, SOL, and DOGE, also experienced price drops of 4-6%.
Bitcoin and Ethereum spot ETFs in Hong Kong will begin trading on Tuesday morning, but the upcoming debut did not generate the frenzy seen prior to the launch of spot Bitcoin ETFs in the US.
Despite subdued expectations, the head of ChinaAMC speculates that the issuance of shares on the first day could exceed the debut amount of $125M.
Wayne Huang, Head of ETF and Custody at the cryptocurrency exchange OSL, stated that the exchange completed the first day of fundraising for two new offerings. He also noted that on the first day of trading, transaction volumes were significantly lower than the capital inflow into the US BTC spot ETF.
ETF offerings provide greater liquidity in digital asset markets and expand funding channels.