Share this article
Bitcoin Wavers Around $63K, Awaiting Hong Kong Spot Crypto ETF Debut
Despite muted anticipation for the new products, an executive of one of the issuers reportedly expects that the first-day issuance of the Hong Kong offerings will exceed the U.S. debut in January.
Updated Apr 29, 2024, 9:57 p.m. Published Apr 29, 2024, 8:48 p.m.
- Cryptocurrencies gave up their weekend gains, with the broad-market CoinDesk Market Index declining 3% over the past 24 hours.
- The first batch of Hong Kong-listed spot bitcoin and ether ETFs will start trading on Tuesday morning.
- ChinaAMC's head of digital asset management said the offerings will be beneficial for crypto prices improving liquidity and expand participation.
Crypto markets were lower across the board, with bitcoin wavering near $63,000 as the upcoming Hong Kong crypto spot exchange-traded fund (ETF) debut has failed to spark excitement among investors.
BTC drifted lower during the day from $64,000 over the weekend, slipping briefly to $61,800 before recovering to just near $63,000 at U.S. afternoon hours. The largest crypto by market value was recently changing hands at $63,000 down about 1% in the past 24 hours, holding up better than the broad-market CoinDesk Market Index (CD20), which lost 3% over the same period.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Most altcoin majors also gave up their weekend gains, with ether , solana , dogecoin declining 4%-6%.
Crypto markets have been drifting sideways for the last few weeks in lack of a strong investment narrative to drive prices, cooling from last month's record-breaking BTC price action and altcoin and memecoin frenzy. CoinDesk's Bitcoin and Ether Trend Indicators both remain in neutral reading, indicating a market without a clear direction.
Even though spot-based bitcoin and ether ETFs in Hong Kong will start trading on Tuesday morning local time, the incoming debut didn't spark a similar level of anticipation ahead of the event as to the fever pitch that preceded the U.S. spot bitcoin ETFs. Notably, BTC nearly doubled in price during three months leading up to the January 11 debut, and significant inflows helped propel BTC over $73,000 in March.
Read more: Hong Kong's Incoming Spot Bitcoin ETFs Could Be 'Big Deal.' Here's What Analysts Say
Defying the muted anticipation, an executive of ChinaAMC – one of the three issuers of the new Hong Kong-listed spot ETFs – reportedly said during a press briefing that the first-day issuance of shares may surpass the U.S. debut's $125 million, referring to the new products' seed funding.
"I am very confident that the initial listing scale of Hong Kong’s virtual asset spot ETF can exceed the issuance scale on the first day of the United States," said Zhu Haokang, head of digital asset management and family wealth.
Wayne Huang, head of ETF and custody at crypto exchange OSL, said that the exchange had completed the first day of raising funds for two of the new offerings, and confirmed Haokang's forecast.
"Judging from the numbers, the transactions are indeed far greater than the capital inflow of the U.S. bitcoin spot ETF on its first day of trading," Huang said.
Haokang also said that the ETFs will be beneficial for crypto prices as the offerings feed more liquidity to digital asset markets, broaden funding channels and participation.
Sizin için daha fazlası
Bilinmesi gerekenler:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Sizin için daha fazlası
Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
Bilinmesi gerekenler:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
Top Stories
