Research firm Kaiko said other effects of spot bitcoin ETFs included improved market liquidity and increased concentration of trading before and after US market hours. After the listing of the US ETF, bitcoin funds were listed in Hong Kong and Australia. Le Shi, head of trading at market-making firm Auros, believes that the increasing number of bitcoin ETFs will put "natural upward pressure on the price of the token. Shi says that as the asset class expands and prices rise, volatility tends to decrease as it becomes more difficult to move prices sharply.