U.S. spot Bitcoin ETFs dominate global liquidity as Asia’s ETF growth stays constrained

By late January 2026, U.S. spot Bitcoin ETFs had amassed about $118‑120 billion in assets and over 611,000 BTC, far exceeding Hong Kong’s roughly $250‑340 million market. Asia’s crypto ETF landscape, led by Hong Kong’s 2024 launches for Bitcoin and Ethereum, has seen strong percentage growth but remains limited in scale as regulators in Singapore, Japan and South Korea proceed cautiously. This imbalance leaves U.S. issuers setting global liquidity and sentiment, while macroeconomic forces, rather than regional ETF flows, still drive short-term crypto price direction.