In January 2024, the launch of Bitcoin ETFs in the United States caused market declines initially due to exits from GBTC. However, by the end of February and March, market entries led to a rise, reaching BTC's all-time highs. Recently, Hong Kong-approved spot Bitcoin and Ethereum ETFs have begun operating.

Current Bitcoin Situation

The price of Bitcoin has seen an increase in the last 12 hours, going up from $61,754 to $64,110, showing almost a 2% increase in the past 24 hours. Despite the news, Bitcoin's price remained stable in the last 15 minutes. The market cap of Bitcoin reached $1.262 trillion, with a 1% rise, but has not hit the critical $1.3 trillion level. Trading volume increased by 57% in 24 hours, reaching $27.7 billion, indicating renewed investor interest.

Uncertainty remains regarding the impact of ETFs, with ongoing cryptocurrency pressure from China potentially affecting investor interest in these newly launched ETFs in Hong Kong.

Ethereum Price

Another ETF that started operating in Hong Kong is the Spot Ethereum ETF. The situation in the US is still uncertain, with close monitoring of the recent listing of the Franklin ETF by DTCC. The price of ETH has approached $3,200 and is currently trading at $3,192, reflecting a 2.97% decrease. ETH's market cap decreased to $389 billion, while the 24-hour trading volume increased by 32%, reaching $15.3 billion. The potential impact of ETF news from the US on the price of Ethereum remains a point of interest.