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Despite muted anticipation for the new products, an executive of one of the issuers reportedly expects that the first-day issuance of the Hong Kong offerings will exceed the U.S. debut in January.

Traditional risk assets like stocks surged while gold and oil tumbled, but cryptos didn't get the memo.

While bitcoin ETFs have experienced net inflows of $820 million, bitcoin whales increased holdings by about $3 billion this year, IntoTheBlock said.

Large bitcoin investors substantially increased their holdings as prices dipped below $60,000 in early Friday's panicky action on the crypto markets ahead of the asset's much-anticipated halving event.

The selling coincides with net outflows from U.S.-listed bitcoin ETFs in the same period, data shows.

Bitcoin whales are major market players who can influence the price of bitcoin when they decide to buy or sell large volumes of the digital currency.

After the spot bitcoin ETF approval, all attention turns to how much demand these investment vehicles will attract.

The floating yields on the bitcoin-linked LBTC token are from pools that went live on Wednesday. There's also a fixed-yield option of an annualized 10%.

Citrea says it plans to use zero-knowledge cryptography to help grow Bitcoin's budding decentralized finance (DeFi) and NFT ecosystems.