📉 BTC and ETH are falling in price following weak demand for Hong Kong ETFs

According to CoinDesk, the leading cryptocurrency by market cap fell nearly 2% from $63,300 to under $61,000 in 60 minutes before 09:00 UTC. Ethereum dropped by 2.8% to $3,066.

💱 The six ETFs that started trading in Hong Kong on Tuesday fell far short of expectations. The total trading volume was only $11 million, which is just a fraction of the expected $100 million.

BTC-ETFs accounted for $8.5 million, and the Ethereum ETFs made up the remainder.

👛 The total volume is also significantly lower than the $655 million volume of spot BTC-ETFs in the US on their first day.