US Stocks Tumble Across the Board, Hong Kong Approves Spot ETF but Fails to Boost BTC and ETH
Bitcoin surged yesterday afternoon after news broke that Hong Kong had approved spot Bitcoin and Ethereum futures. However, it later fell along with the US stock market and is currently trading at $63,299. Analyst Eric Balchunas from Bloomberg expressed that considering the small size of the Hong Kong ETF market (about $50 billion) and the small scale of the approved three issuers, as well as the inability to purchase within mainland China (at least according to official statements), he estimates that the issuance volume will only be $500 million. He has also heard rumors that the Hong Kong Bitcoin spot ETF will be launched next week.
