Bitcoin: Can Asia catch up as U.S. BTC ETFs control global liquidity?

Asia’s crypto ETF market stays creating somewhat than mature, regardless of early progress.

Hong Kong leads the area, launching Asia’s first spot for Bitcoin [BTC] and Ethereum [ETH] ETFs in 2024.

By the top of Q3 2025, AUM had reached roughly $920 million earlier than moderating to about $340 million in spot BTC ETFs in January 2026.

This confirmed that development is stronger in proportion phrases, but scale stays restricted.

In the meantime, the financial authorities of Singapore, Japan, and South Korea stay cautious.

Because of this, Asia competes conceptually however not but structurally, positioning itself as an rising, policy-driven follower somewhat than a world ETF chief.

Japan lags materially. The Monetary Companies Company is focusing on spot Bitcoin ETFs no sooner than 2028, with laws planned for 2026 to reclassify crypto as “specified belongings,” emphasizing custody and investor safety.

U.S. spot Bitcoin ETFs: The worldwide liquidity benchmark

U.S. spot Bitcoin ETFs decisively outperform their Asian counterparts in scale, liquidity, and market affect.

As of late January 2026, the US market holds roughly $118-120 billion AUM and over 611,000 BTC, whereas Hong Kong remains constrained close to $250-340 million.

Supply: CoinGlass

This disparity displays sooner U.S. regulatory execution, deeper capital swimming pools, and extremely environment friendly creation-redemption methods.

Because of this, issuers akin to BlackRock and Constancy dominate flows, supported by approved individuals that convert ETF demand instantly into spot BTC shopping for or promoting.

Supply: CoinGlass

Because of this, U.S. ETF inflows typically reinforce bullish momentum, whereas sharp outflows amplify draw back strikes, shaping sentiment and worth discovery throughout crypto markets.

Asia’s ETFs largely monitor worth passively, whereas U.S. merchandise actively transmit macro alerts, institutional positioning, and danger sentiment into Bitcoin’s short-term actions.

This dynamic cements U.S. ETFs as the first drivers of worldwide crypto liquidity and market psychology.

ETF flows, macro danger, and short-term volatility

Over the weekend, Bitcoin dipped towards the $86,500–$87,000 zone, whereas gold and silver rallied to new highs above $5,000/ouncesand $100–110/oz.

This divergence underscored risk-on versus safe-haven dynamics amid rising macro uncertainty. The Bitcoin pullback mirrored ETF-related fragility layered on broader risk-off forces, not an remoted ETF shock.

Supply: X

Nonetheless, yen power, U.S. shutdown dangers, and defensive positioning remained the first drivers. ETFs amplified volatility however didn’t provoke it.

Globally, U.S. ETFs dominate exercise, whereas Hong Kong merchandise keep largely inactive.

All in all, U.S. ETFs dictate world crypto liquidity and sentiment, whereas Asia stays policy-constrained and macro forces proceed to dominate short-term market path.

Furthermore, macro forces finally decide the path of short-term cryptocurrency.

Ultimate Ideas

• U.S. spot Bitcoin ETFs now anchor world crypto liquidity, whereas Asia’s ETF market stays fragmented, cautious, and structurally underdeveloped.
• ETF flows more and more amplify Bitcoin’s short-term volatility, but macro forces, not regional ETF exercise, proceed to dictate market path.