It started trading yesterday, still needs to get traction https://www.reuters.com/markets/cur...n-ether-etfs-gain-hong-kong-debut-2024-04-30/ Asia's first spot bitcoin and ether ETFs make lukewarm Hong Kong debut By Summer Zhen and Samuel Shen April 30, 20246:37 PM GMT+8Updated 13 hours ago Representation of Bitcoin cryptocurrency is seen in this illustration taken January 11, 2024. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab HONG KONG, April 30 (Reuters) - Six spot bitcoin and ether exchange traded funds (ETFs) finished mixed in their Hong Kong debut on Tuesday amid relatively lukewarm trading, as the city tests Asian investors' enthusiasm for cryptocurrency assets. The debuts mark the first launch of spot cryptocurrency ETFs in Asia and come just three months after the U.S. launched its first ETFs to track spot bitcoin. Cryptocurrency is banned in mainland China, but Hong Kong has been promoting itself as a global digital asset hub, part of a drive to maintain its allure as a financial centre. Spot bitcoin ETFs launched by China AMC , Harvest and Bosera gained between 1.5% and 1.8% at the close. The three ether ETFs , , managed by the asset managers edged down. Bitcoin dropped more than 1%. The first-day total turnover of the six ETFs was about $112 million, far below the $4.6 billion recorded in the first day of U.S. trading. Still, issuers said the funds raised before the official listing are sizable thanks to interests from both crypto and traditional investors. China AMC said its bitcoin ETF launched with an initial size of HK$950 million ($121 million), the biggest among the three issuers. Christina Choi, an executive director of the Securities and Futures Commission (SFC), hailed the product debut as a milestone in Hong Kong's ETF market, but also flagged risks. "Virtual assets are quite speculative and very volatile ... so I remind you that such assets are not suitable for all investors," Choi told Tuesday's launch event. The ETF launch also put Hong Kong in direct competition with the United States for crypto investors. U.S. spot bitcoin ETFs have drawn roughly $12 billion in net inflows, contributing to a surge in bitcoin's price earlier this year. But U.S. regulators have not yet approved ETFs that track spot ether prices. Local crypto giant HashKey Group expects the size of Hong Kong spot crypto ETF market could reach 20% of the U.S. counterpart in one year. Advertisement ยท Scroll to continue Han Tongli, CEO of Harvest Global Investments, said Hong Kong should have greater potential than the U.S. in developing the crypto assets as it can attract investors from both west and east. In the long term, crypto ETFs have the potential to be available to mainland Chinese investors if the products are proved to be risk controllable, Han said. COMPETITION Another difference with U.S. crypto ETFs is that Hong Kong's adopt the so-called "in-kind" transaction mechanism that allows investors to buy and sell ETF shares using the relevant crypto tokens instead of cash. Such an option should be appealing to investors as token owners "may consider the benefit of holding through the ETFs without the cost of first converting to fiat (currency)", said Robert Zhan, risk consulting director at KPMG China. Some analysts expect the majority of initial inflows will come from local retail investors given cost concerns. The management fee of the Hong Kong crypto spot ETFs, ranging between 0.3% to 0.99%, is much higher than the current U.S. listed ones, due to the limited number of regulated service providers under the city's strict legal framework. Currently Hashkey and OSL are the only two approved trading platforms in Hong Kong. "If Hong Kong SFC approves more participants or trading platforms in the long run, it will make the costs lower and more competitive," said Alex Chiu, senior strategist of ETF Business at Value Partners. Bitcoin has gained roughly 50% this year and hit an all-time high of $73,803 in March. It was trading at around $62,000 on Tuesday. Ether has risen more than 30% year-to-date. ($1 = 7.8253 Hong Kong dollars)
John, here is an article I think you might enjoy. I agree with this viewpoint, and just like you said a while back, fuck the US. It looks like even miners might be money transmitters, so it's best to stay away from even those stocks. Given how fucked the US is with regards to deficit spending and interest rates, the debt doom loop is already here, so it's not a surprise why the US has to close the exits. I think Bitcoin will first have to thrive outside the US until enough people are mad about getting fucked over by fiat. I think the message is clear right now that Bitcoin isn't welcome by US regulators and this is likely their last chance to stop it. Obviously fiat will implode, and this means more Americans are harmed in the long run by not embracing the solution, but it is what it is. I will personally enjoy watching the implosion, but I think this means the bull run is gonna take a bit more time. https://www.bullbitcoin.com/blog/bitcoin-drain-in-the-usa
The current crypto situation in the US is very frustrating. Bitcoin and crypto assets are not being banned, but they want the custodial assets form to be the one that Americans use For example, bitcoin spot etf's with the likes of Blackrock and Fidelity are perfectly fine Crypto assets held at Coinbase, a US publicly listed company, Kraken, Gemini, Robinhood, PayPal, et al are also not a problem The problems arise the when US people try to custody (withdraw) crypto assets to their own local wallet But as you know, bitcoin and other crypto assets never leave their location on the blockchain, but I digress...
I'm not sure if that's a good, or bad thing... But ok, go start that channel John, I'll give your pilot video a look.
Nobody is posting here anymore. People only care about price going up. The cycle is slowly coming to an end. This is an exit pump and opportunity for you to sell before it goes straight down to $5000. There will be a cascade of liquidations continuously pushing us lower and lower as this overleveraged degenerate ecosystem starts to crumble. It's probably going to fake pump to 67K-71K. New highs are not out of the question as they can simply print more tethers and take us to $80k; though a bit unlikely for now.
Bitcoin is going to $100,000/btc by end of the month 5/31/2024 I advise you to load up on mstr call options, you will make lots of $$$$ then you can buy bitcoins with your profits and store the bitcoins in your wallet for long term savings Do it as soon as the market opens. Don't be a pussy like you have been for many years
Will you guys stop talking about tether? It has absolutely zero to do with bitcoin's price. Bitcoin moves and cycles...it doesn't give an f about the US dollar. We're in the cycle circa 16k to 250k. Previous cycle was 3k to 70k. Before that was 400 to 20K.
Really? No one posting here anymore? Cycle is slowly coming to end, but could go to 80k which would be yet another new alltime high?
Not even close. The long-term (weekly) market structure for Bitcoin is bullish, and the same for stocks in a Presidential election year. All long-term moving averages are in an upwards pattern. No metrics have hit extremely overbought levels. Bitcoin ETF's have brought in institutional buyers, and they tend to move slowly (think "quarter-year" and "annual" budgeting) so all indications are that more will be buying in the upcoming months. And the recent halving cut the miner output in half, so price needs to go up or miners can't make money. As someone on Xwitter wisely put it, we are in the middle of a bull market so don't overcomplicate things.