The hype concerning Ethereum has been recently rising continuously due to the expected spot ETFs approval in the US. Nonetheless, the reports point out a disappointing scenario in ETF demand in the Hong Kong market as a one-day subscription for Ethereum ETF reached just 62.8 ETHs. Even Ethereum’s impressive performance (20%) in the past 72 hours has proven insufficient to attract inflows in the Hong Kong ETFs.
Hong Kong Market Sees a Plunge in Ethereum ETF Demand Irrespective of the Positive Trend
The net subscription on the 22nd of May disappointed the community to a great extent. Some speculate that this has occurred because of some uncertainties regarding the upcoming ETH spot ETFs. As per the reports, the Hong Kong-based users are likely not very confident about the approval of the ETFs.
In addition to this, the news reporter brought to the front that the cumulative one-day transfer volume just touched $390,300. According to the reports, the respective figure is very low and raises concerns. The platform added that such a situation is apprehensive in the case of the overall market participation. The news reporter also revealed that community members are reluctant to take part in the ETF market in Hong Kong.
Market Participants Suspect the Approval of an ETH Spot ETF in the United States
Some think that there is a hazard regarding the approval of the ETH ETFs in the United States. In this way, the onlookers having this viewpoint support the passive in the current situation. They think that just staking ETH tokens and making passive yields seems a better option at present. Hence, they advise moving smoothly in this direction until things get more clarity.
SoSo Value, a crypto trading data provider, has recently offered the statistics in this respect. It has shown the above-mentioned statistics, indicating a huge upset for the market. According to the data-providing platform, the respective inflow saw a continuation for up to eight days. On the other hand, it also revealed the status of Grayscale exchange-traded fund GBTC.
On the other hand, BlackRock exchange-traded fund IBIT experienced a flow of nearly $91.9527M in one day. However, Fidelity exchange-traded fund FBTC recorded an inflow of almost $74.572M, SoSo Value added.