Hong Kong Crypto ETFs Struggle Despite Bitcoin's Price Surge

Hong Kong's Crypto ETF Market Faces Challenges

The South China Morning Post reports that despite a significant surge in Bitcoin prices, Hong Kong-based crypto ETFs have not seen the expected increase in investor demand. Over recent days, Bitcoin has experienced a notable price jump of 7.84% over five days and 12% over the past month as anticipation builds ahead of the US presidential election. However, trading volumes for Hong Kong’s three spot bitcoin ETFs remained relatively flat this week compared to their American counterparts.

According to OKG Research data, these ETFs saw transactions worth approximately $3.65 million on Tuesday and $2.22 million on Wednesday since their launch in April, averaging about $3.25 million daily volume combined. In stark contrast, U.S.-based funds traded around $4.74 billion among twelve similar products just last Wednesday alone; BlackRock’s iShares Bitcoin Trust accounted for an impressive single-day drawdown amounting to nearly half at precisely some staggering figures such as those mentioned earlier within contextually relevant details regarding overall market performance metrics observed therein accordingly throughout said period under review here today now too!

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Investing.com highlights how Bitcoin maintained its position near record highs recently amidst growing speculation surrounding potential outcomes from upcoming United States elections alongside Federal Reserve cues impacting broader economic conditions globally speaking so far into the current fiscal year cycle.

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Tension Surrounds Cryptocurrency Markets Ahead Of Elections

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