- Cryptocurrencies gave up their weekend gains, with the broad-market CoinDesk Market Index declining 3% over the past 24 hours.
- The first batch of Hong Kong-listed spot bitcoin and ether ETFs will start trading on Tuesday morning.
- ChinaAMC’s head of digital asset management said the offerings will be beneficial for crypto prices improving liquidity and expand participation.
As a researcher studying the cryptocurrency market, I observed that Bitcoin’s value dipped during the day from $64,000 over the weekend to a low of $61,800 before rebounding slightly to around $63,000 in U.S. afternoon hours. At this moment, Bitcoin was being traded at approximately $63,000, representing a 1% decrease within the last 24 hours. Notably, Bitcoin held up better than the CoinDesk Market Index (CD20), which experienced a larger loss of 3% over the same time frame.
The cryptocurrency market has exhibited a sideways trend over the past few weeks due to the absence of a compelling investment story. Following the remarkable price surges of Bitcoin and altcoins last month, as well as the meme coin craze, the markets have shown signs of cooling down. According to CoinDesk’s Bitcoin and Ether Trend Indicators, the market remains neutral, suggesting a lack of direction for prices.
As a researcher studying the financial markets, I’ve observed that the upcoming trading of spot-based Bitcoin and Ethereum ETFs in Hong Kong on Tuesday local time won’t elicit the same level of excitement as the U.S. debuts did back in January. Contrastingly, in the three months leading up to the U.S. spot Bitcoin ETF launch on January 11, Bitcoin experienced a nearly doubling price surge, and substantial inflows fueled its growth beyond $73,000 in March.
Disregarding the subdued expectations, an executive from ChinaAMC, one of the three providers of the newly launched Hong Kong-listed spot ETFs, reportedly stated during a press conference that the initial sale of shares could potentially exceed the $125 million raised during the US debut, which pertains to the products’ initial funding.
As a researcher examining the market for virtual asset exchange-traded funds (ETFs), I am optimistic that the initial offering scale of Hong Kong’s virtual asset spot ETF will surpass the issuance amount on the US market’s first day.
As the head of ETF and custody at crypto exchange OSL, I can confirm that we have successfully initiated fundraising for two of our newly announced offerings on the first day. This aligns with Haokang’s earlier prediction.
Based on the data I’ve analyzed, the value of Bitcoin transactions surpasses the initial inflow of funds into the US bitcoin spot ETF during its debut trading session.
As a market analyst, I would interpret Haokang’s statement as follows: I believe that Exchange-Traded Funds (ETFs) will positively impact crypto prices. The introduction of these investment vehicles will inject more liquidity into the digital asset markets, thereby expanding funding sources and increasing participation from various investors.
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2024-04-30 00:07