Bitcoin, the leading cryptocurrency, lost more than 3% today and retreats to USD 61,000, while Ethereum, the leading “altcoin”, recorded a 5% drop and is testing the psychologically important level of USD 3,000. Such a reaction can hardly be connected with the disappointing returns on the purchase of spot ETFs, which started trading on the Hong Kong stock exchange today.
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Regulatory bodies agreed to allow trading with spot funds tracking the prices of bitcoin and ether, but it turned out that the number of investors is much smaller than expected. A total of 6 permitted ETFs recorded a volume of only USD 11 million after the start of trading on the Hong Kong exchange (BTC accounted for USD 8.5 million of trading).
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Some estimates were about 100 million dollars for the first day. By comparison, US ETFs saw a cumulative volume of $655 million on the first day. However, the amount has dropped so noticeably in recent weeks, which calls into question the dynamics of the entire cryptocurrency market.
Ethereum Chart (D1)
ETH price responded with strong downward pressure near the 23.6 Fibonacci retracement of the Fall 2022 rising wave, and renewed downward movement could indicate pressure to retest the area around the 38.2 Fibo retracement at $2800.
Source: xStation5
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Tags: Ethereum Bitcoin fall Hong Kong spot ETF debut disappoints investors
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