On Tuesday, U.S. spot bitcoin exchange-traded funds (ETFs) registered their fifth consecutive day of net withdrawals, documenting a substantial $161.6 million in negative outflows. Over the last two days, Grayscale’s Bitcoin Trust (GBTC) has offloaded 1,731.56 BTC, diminishing its reserves to 296,713.90 BTC. Bitcoin ETFs Continue to See Persistent Outflows Since April 24, 2024, U.S. […] Original
Hong Kong’s debut of six spot bitcoin and ethereum exchange-traded funds (ETFs) garnered HK$87.5 million ($11 million) on their first day, April 30. However, these ETFs underperformed compared to their U.S. counterparts, which had attracted a much larger sum of $4.6 billion on their initial day. Despite High Hopes, Hong Kong’s Bitcoin ETFs Start Slow […] Source CryptoX Portal
Bitcoin fell below $62,000 during the European morning, having treaded water around $63,000 throughout most of the Asian session. BTC was changing hands at about $61,670 at the time of writing, down 1.3% in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), has dropped around 2.7%. The debut of crypto ETFs in Hong Kong looks unlikely to inject any life into this sedentary market for now, with BTC products drawing just $8.5 million in volume and ETH drawing $2.5 million on…
The cumulative volume is also significantly lower than the U.S.-based spot BTC ETFs’ first-day tally of $655 million. Nearly a dozen spot BTC ETFs began trading in the U.S. on January 11 and have pulled in nearly $12 billion in investor funds since then. Inflows, however, have recently slowed, stalling bitcoin’s uptrend. Original
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With the debut of spot bitcoin and ethereum exchange-traded funds (ETFs) in Hong Kong trading on Tuesday, market observers are speculating about the potential demand for these ETFs in the region, reminiscent of the enthusiasm seen in the U.S. following the approval of 11 spot bitcoin ETFs on Jan. 10. Zhu Haokang, head of digital […] Original
Zhu Haokang : Based on the analysis of various factors, we believe that cryptocurrency ETFs will be beneficial to cryptocurrency prices. First, Hong Kong’s crypto spot ETF market injects more liquidity into the crypto market. Second, accelerate the compliance of the industry. Third, funding channels have been expanded. Fourth, investors may obtain arbitrage opportunities between ETF prices and spot prices, allowing more market makers and arbitrage investors to actively participate. Fifth, with the passage of our crypto spot ETF, trading factors in traditional markets will also directly affect the cryptocurrency…
Hong Kong is set to launch new Bitcoin and Ethereum ETFs tomorrow at 9:30 a.m. EDT, with an expected larger initial trading volume than in the United States. “I am very confident that the trading scale of the Hong Kong virtual asset spot ETF on the first day of listing can exceed that of the United States,” said Zhu Haokang, head of digital asset management and family wealth at Huaxia. The U.S. saw a first-day trading volume of $125 million across ten Bitcoin spot ETF issuers earlier this year, a…
Australia gears up for a crypto boom as the country’s largest securities exchange is poised to list its first spot-Bitcoin ETFs by the end of 2024. Australian Securities Exchange (ASX) is anticipated to greenlight the first spot Bitcoin exchange-traded funds (ETFs) for the main board by the end of 2024, following the previous approvals of such financial products in the U.S. and Hong Kong. According to a Bloomberg report, at least several issuers are already working on launching their products on ASX, including BetaShares, VanEck, and DigitalX. However, a specific…
Earlier this month, Australia-based Monochrome Asset Management applied for a spot bitcoin ETF with the global listing exchange, Cboe Australia, CoinDesk reported. Cboe Australia is a smaller rival of ASX. At the time of the announcement, Monochrome said it selected Cboe Australia because of its expertise across Asia and broader investor access, among other aspects. Source