Hong Kong crypto spot ETF sees $2.92 billion in net inflows on first day of launch, Bitcoin is in general correction in bull market Opinion

Bloomberg ETF analyst Eric Balchunas reports via X that “final data from the first day of Hong Kong's cryptocurrency spot ETFs are in. Hong Kong crypto spot ETFs saw total inflows of $292 million on the first day. Ethereum spot ETF inflows accounted for 15% of that total. While this is much more positive than our earlier forecast of $1 billion worth of assets over two years, it should be noted that outflows from the correction, as seen in the US market, should be taken into account.” “In Hong Kong crypto ETFs, China AMC's BTC Spot ETF, which has higher fees, led the way with $1.24 billion in inflows on the first day of trading, followed by the Harvest BTC Spot ETF with $63 million and the Bosera-Hashiki BTC Spot ETF with $61 million,” he said.

Meanwhile, Cointelegraph, citing a number of experts, analyzed that the recent BTC decline is a very common bull market correction. Peter Brandt, a well-known U.S. trader, wrote on X that it is “a very typical bull market continuation chart based on the daily BTC/USD chart on Bitfinex.” Cryptocurrency trader DaanCrypto also noted on X that “the relative strength index (RSI) hit 30 on the daily chart. Typically, when that number reaches 30, it's a good time to buy BTC lows.”