Bitcoin surged after news broke yesterday afternoon that Hong Kong had approved spot Bitcoin and Ethereum futures. However, it later followed the decline of the US stock market and is currently trading at $63,299. Analyst Eric Balchunas from Bloomberg stated that considering the relatively small size of the Hong Kong ETF market (around $50 billion) and the small scale of the approved three issuers, coupled with the fact that mainland China cannot purchase (at least according to official statements), he estimates that the issuance will only reach $500 million. He has also heard rumors that the Hong Kong Bitcoin spot ETF will be launched next week.
US Stock Market Plunges, Hong Kong Fails to Boost BTC and ETH with Approved Spot ETF