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Bitcoin spot ETFs to receive green light in Hong Kong in April

According to a recent Reuters report, Hong Kong will become the first city in Asia to launch Bitcoin spot ETFs. Notably, initial approvals for these ETFs are expected to be announced next week, significantly exceeding industry expectations for these types of launches this year.

The revival proposed by Hong Kong

According to the report, the decision to introduce spot Bitcoin ETFs comes as Hong Kong seeks to revive its status as a preeminent financial center, in which pandemic-related restrictions have been somewhat eased, China’s economic slowdown and tensions between China and the United States.

By adopting cryptocurrency investment vehicles, Hong Kong aims to attract new global investments and take cryptocurrency adoption to new heights.

Adrian Wang, CEO of Metalpha, a Hong Kong-based crypto asset manager, emphasized the importance of introducing Bitcoin ETFs in Hong Kong, noting the potential for greater global investment and broader adoption of cryptocurrencies.

This move follows the success of the United States, which launched the first US-listed spot Bitcoin ETFs in January and attracted approximately $12 billion in net inflows, as Bitcoinist previously reported.

While the Hong Kong Securities and Futures Commission (SFC) and the three Chinese firms declined to comment, the Hong Kong units of China Asset Management and Harvest Fund Management recently obtained approval from the SFC to manage portfolios with investments greater than 10% in virtual markets. asset.

These parent companies are major mutual fund companies in China, each managing more than 1 billion yuan ($138 billion) in assets.

Bitcoin Futures Success Fuels Interest in Spot Bitcoin ETFs

Cryptocurrency trading is prohibited in mainland China. However, Chinese offshore financial institutions have shown great interest in participating in the development of crypto assets in Hong Kong.

The city had already approved ETFs for cryptocurrency futures in late 2022, with the CSOP Bitcoin Futures ETF being the largest. It has accumulated around $120 million in assets under management, up sevenfold since September 2023.

In addition to the aforementioned asset managers, Hong Kong-based Value Partners has expressed its exploration of launching a spot Bitcoin ETF, although it has not revealed whether an official application has been filed.

Additionally, at least four asset managers from mainland China and Hong Kong, including China Asset Management, Harvest Fund Management and Bosera Asset Management, have filed applications to launch Bitcoin spot ETFs.

As the regulatory landscape evolves, the introduction of spot Bitcoin ETFs in Hong Kong is expected to pave the way for greater investment opportunities and contribute to the growth and maturation of the global cryptocurrency market.

At the time of writing, the market-leading cryptocurrency has witnessed significant price volatility. It approached its all-time high on Monday and hit a high of $72,600. However, it encountered upper level resistance, falling towards the $67,600 range. This represents a 3.5% reduction in the last 24 hours alone.

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Bitcoin Cryptocurrency news

Bitcoin gives mixed signals: here are the key events to watch this week

Bitcoin (BTC) is back below $70,000 after momentarily surpassing that psychological price range on April 7. This price action suggests that the bears are still in control, which could remain the case throughout this week. As the tug-of-war continues, here are some key events to keep an eye on.

Is the pre-halving pullback over?

Crypto analyst Rekt Capital previously highlighted the phases of the Bitcoin halving, including the pre-halving pullback. He noted that the price of Bitcoin usually drops between 28 and 14 days before the Halving event. With around 12 days left until the halving event, the pre-halving pullback is believed to be over.

However, considering that the cycle has already proven to be unique, especially with BTC hitting a new all-time high (ATH) ahead of the Halving, investors will no doubt be wary of the leading cryptocurrency making one last price correction this fall week. . In one of his recent posts on X (formerly Twitter), Rekt Capital also admitted that it is still unclear whether the bottom has been reached or not.

Whale activity this week will also give an idea of the current sentiment in the market as the Halving event approaches. Significant purchases of the leading cryptocurrency suggest that Bitcoin investors believe the worst is over and are already positioning themselves for a potential parabolic rise in prices once the halving occurs.

If the whales indicate bullish sentiment, it also means that the market has likely moved into the next halving phase, which, according to Rekt Capital, is the “reaccumulation” phase. On the other hand, a wave of BTC selling this week will strengthen the bearish narrative currently affecting BTC and suggest that the pre-halving recovery bottom has not yet arrived.

Bitcoin Spot ETF and the Derivatives Market

The net flows recorded by Bitcoin Spot ETFs this week will also be instrumental in determining the current market sentiment. They have experienced mixed inflows over the past two weeks, something that gave a more pessimistic than optimistic outlook considering the amount of net inflows they were recording so far.

However, things could improve again this week, as BlackRock expanded the list of authorized participants for its iShares Bitcoin Trust (IBIT) last week. These participants include notable names such as Goldman Sachs, Citadel and Citigroup. Therefore, a significant amount of new money could flow into the IBIT ETF this week.

Meanwhile, the crypto community will be keeping an eye on the derivatives market as, depending on market volatility, many positions could be eliminated this week. Crypto analyst Ali Martinez recently revealed that nearly $72 million could be liquidated if Bitcoin recovers to $70,875. If that happens, it could be the first step in helping the bulls regain control of the market.

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Bitcoin Bitcoin ETF

US Bitcoin ETFs Bounce Back With $569.4M in Net Inflows After Initial Dip

Spot bitcoin exchange-traded funds (ETFs) concluded the week on an upbeat note, securing $203 million in positive inflows on Friday, as per the latest data. Despite an initial setback of $84.7 million in net outflows on April 1, the ETFs have since rebounded, gathering $569.4 million in net inflows.

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Bitcoin Bitcoin Investment Cryptocurrency Investment Cryptocurrency news

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Bitcoin Bitcoin Wallet Cryptocurrency news

Bitcoin Sees Another Big Outflow From Coinbase: This Time $1.2 Billion

Data shows that Bitcoin just saw its second major exit from Coinbase in a week as nearly $1.2 billion worth of BTC left the platform.

A large amount of Bitcoin was just withdrawn from Coinbase

As one analyst explained in a CryptoQuant Quicktake post, cryptocurrency exchange Coinbase just saw 17,000 BTC outflow. The relevant on-chain indicator here is “exchange outflow”, which measures the total amount of Bitcoin being transferred from the wallets of a given centralized exchange.

When the value of this metric is high, it means that investors are withdrawing large amounts from the platform at this time. Holders often place coins in self-custody when they plan to hold them for long periods, so this trend could be a sign that long-term accumulation is occurring in the market.

On the other hand, the low level of the indicator suggests that not many holders are transferring coins from these central entities at the moment. Depending on the trend in the opposite metric, the inflow of coins, such a trend, can be neutral or bearish for the price of the cryptocurrency.

Now, here is a chart showing the trend in Bitcoin exchange production specifically for Coinbase Advanced over the past week:

As the chart above shows, Bitcoin exchange production for Coinbase has skyrocketed over the last day. In total, 17,000 BTC left the platform with this massive withdrawal. At the asset’s current exchange rate, that pile would be worth a whopping $1.17 billion.

It is also evident from the chart that the indicator witnessed a very similar scale increase just a few days ago. Specifically, 16,800 BTC left Coinbase in that withdrawal event.

This would mean that there may have been two major buying moves in the stock market last week. Coinbase is known for being the preferred platform for US-based institutional entities, so it is possible that this potential purchase came from these large traders.

Since the approval of the Bitcoin exchange-traded fund (ETF) at the start of the year, BTC’s price action appears to have been affected by institutional investor moves, as another metric suggested.

Taking this fact into account, these outflows can naturally be optimistic for asset prices if they reflect the presence of buying pressure in the market.

BTC Price

Although this huge outflow happened for the cryptocurrency, its price has fallen, now falling to just $68,500. The following chart shows Bitcoin’s performance over the past few days.