Bitcoin falls to $61,000 as Hong Kong crypto ETFs fail to impress investors

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Illustration: Dado Ruvic (Reuters)

Bitcoin continued to shed its value as Hong Kong's Bitcoin and Ether ETFs failed to impress investors on their debut. Recently, six crypto-related ETFs were listed on the Hong Kong exchange. Bitcoin ETFs contributed $8.5 million in volume, while Ether ETFs brought in $2.5 million. As a comparison, the issuers anticipated an initial volume of $100 million, as per media reports.

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The top cryptocurrency fell below $61,000 on Monday morning, dropping over 2%. Ether, the second-largest cryptocurrency, followed suit, plummeting over 4% in the past 24 hours to $3,000. Solana and Dogecoin shed over 5% in their value today, hovering around $128 and $0.13, respectively. The global crypto market cap fell by over 3% to $2.24 trillion in the past 24 hours, according to CoinMarketCap.

Meanwhile, Bitcoin ETFs in the U.S. are struggling, too, with a total net inflow of $11 billion — which could have been much better if Grayscale's GBTC had seen any inflows. According to investment firm Farside, GBTC has experienced outflows for over a month, totaling $17 billion since April 11. Over the past three days, Fidelity's FBTC also has witnessed continuous outflows totaling $31 million.

The current price drop follows a period of stability during which Bitcoin performed well after going through its "halving" process. The recent drop in cryptocurrency prices is due to investor jitters as the Federal Reserve reveals it has no plans to cut interest rates soon, and fears of stagflation are on the rise.