Hong Kong Bitcoin and Ether ETFs have tough debut on first-day trading

Hong Kong's newly launched Bitcoin and Ethereum ETFs saw a modest start with a total trading volume of $12 million on their first day, significantly lower than the U.S. spot Bitcoin ETFs' debut at $4.6 billion. Managed by firms like China Asset Management and HashKey, these ETFs struggled to attract similar interest, despite various fee waivers offered by local fund managers to boost investment. The Hong Kong Stock Exchange had previously seen success with cryptocurrency futures ETFs, which might have set high expectations for these spot ETFs launched on April 30.