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Hong Kong has approved the first Bitcoin and Ethereum Spot ETFs, what do investors need to know? Explain how prices might react, key influencing factors, and investment strategies.
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BTC, ETH Rise As Hong Kong Bitcoin ETF Applicants Say They've Been Approved
Bitcoin {{BTC}} has risen 2.8% over 24 hours, trading above $66,500, and ether {{ETH}} has advanced to $3,240, according to CoinDesk Indices data, as multiple issuers in Hong Kong said they'd been approved for spot crypto exchange-traded funds (ETFs).
China Asset Management, Bosera Capital and other applicants posted to social-media platform WeChat (Weixin) that they had been approved to list spot bitcoin and ether ETFs in Hong Kong. However, these announcements seem to have front-run an official statement from the Securities and Futures Commission (SFC), which has not posted a list of approved issuers. Some of the posts have since been deleted.
The SFC did not return emails or phone calls asking for comment.
Singapore-based digital assets trading house QCP Capital said in a message shared with CoinDesk that it believes the ETFs, when approved, will unlock some institutional demand during Asia trading hours.
"Participants who wanted exposure have always been limited to US hours, but this now gives institutional investors an Asia-based alternative," QCP wrote. "We believe this will be bullish short term, but there are more important narratives and drivers such as macro events."
China Asset Management, Bosera Capital and other applicants posted to social-media platform WeChat (Weixin) that they had been approved to list spot bitcoin and ether ETFs in Hong Kong. However, these announcements seem to have front-run an official statement from the Securities and Futures Commission (SFC), which has not posted a list of approved issuers. Some of the posts have since been deleted.
The SFC did not return emails or phone calls asking for comment.
Singapore-based digital assets trading house QCP Capital said in a message shared with CoinDesk that it believes the ETFs, when approved, will unlock some institutional demand during Asia trading hours.
"Participants who wanted exposure have always been limited to US hours, but this now gives institutional investors an Asia-based alternative," QCP wrote. "We believe this will be bullish short term, but there are more important narratives and drivers such as macro events."
JUST IN: 🇨🇳 World's largest bank, ICBC, says "Bitcoin retains the scarcity similar to gold."
JUST IN: 🇨🇳 World's largest bank, ICBC, says Ethereum is providing technical power for the digital future, and it's a digital oil.
JUST IN: 🇺🇸 Former President Donald Trump says "Bitcoin mining may be our last line of defense against a CBDC."
"We want all the remaining Bitcoin made in the USA!"
JUST IN: 🇺🇸 Donald trump says "We want all the remaining #BTC to be MADE IN THE USA!!!"
Japanese public company Metaplanet purchases additional 23.35 Bitcoin worth $1.6 million.
Guys today is very important..
-US CPI is at 6pm IST..
-FOMC Meeting & Powell's speech at 11:30pm IST..
#altcoins #bitcoin #TopCoinsJune2024 #etf
JUST IN: 🇨🇳 World's largest bank, ICBC, says Ethereum is providing technical power for the digital future, and it's a digital oil.
JUST IN: 🇺🇸 Former President Donald Trump says "Bitcoin mining may be our last line of defense against a CBDC."
"We want all the remaining Bitcoin made in the USA!"
JUST IN: 🇺🇸 Donald trump says "We want all the remaining #BTC to be MADE IN THE USA!!!"
Japanese public company Metaplanet purchases additional 23.35 Bitcoin worth $1.6 million.
Guys today is very important..
-US CPI is at 6pm IST..
-FOMC Meeting & Powell's speech at 11:30pm IST..
#altcoins #bitcoin #TopCoinsJune2024 #etf
📈 SEC ACCEPTS PROSHARES SPOT ETHEREUM ETF ENTRY 📈
On June 10, the U.S. Securities and Exchange Commission (SEC) acknowledged a proposed rule change for ProShares' spot Ethereum ETF and approved Ark Invest’s exit from the 21Shares application.
📊 ProShares Ethereum ETF Update:
The SEC's notice regarding ProShares recognizes, but does not yet approve, the proposed rule change. The SEC has a 45-day window to act on the proposal, with an option to extend the decision period to 90 days. By the end of this period, the SEC must approve, disapprove, or initiate additional proceedings.
💬 Analyst Insight:
Bloomberg ETF analyst James Seyffart commented on the timing: “Instinct initially says this [won’t] launch on day 1 with the other ETFs whenever that is but who knows.” NYSE Arca plans to list and trade shares of ProShares’ fund.
🔄 21Shares Continues Without Ark:
The SEC affirmed that 21Shares' proposed fund could proceed without Ark Invest. The agency waived its usual 30-day operative delay, making the change effective immediately.
Ark and 21Shares announced their split on May 31. Ark stated to Bloomberg ETF analyst Erich Balchunas that it “will not be moving forward” with an Ethereum ETF but remains involved in the spot Bitcoin ETF ARKB.
⏳ Timeline for Spot ETH ETFs:
While the SEC approved rule changes for eight spot ETH ETFs on May 23, it has yet to approve applicants’ S-1 registration statements. As a result, these products have not launched for trading, and no definite launch date has been set.
🌟 Market Expectations:
Analysts have varying expectations for the launch dates of these spot Ethereum ETFs. Balchunas predicts a launch by the end of June, with an “over-under” date of July 4, while JP Morgan anticipates the funds will begin trading by November.
👇 What are your thoughts on the SEC's decisions?
Like, share, comment, and follow for more updates!
Your Matthias Mende
#EthereumETF #SEC #bitcoin #etf #ethereum
$BTC $ETH $SOL
On June 10, the U.S. Securities and Exchange Commission (SEC) acknowledged a proposed rule change for ProShares' spot Ethereum ETF and approved Ark Invest’s exit from the 21Shares application.
📊 ProShares Ethereum ETF Update:
The SEC's notice regarding ProShares recognizes, but does not yet approve, the proposed rule change. The SEC has a 45-day window to act on the proposal, with an option to extend the decision period to 90 days. By the end of this period, the SEC must approve, disapprove, or initiate additional proceedings.
💬 Analyst Insight:
Bloomberg ETF analyst James Seyffart commented on the timing: “Instinct initially says this [won’t] launch on day 1 with the other ETFs whenever that is but who knows.” NYSE Arca plans to list and trade shares of ProShares’ fund.
🔄 21Shares Continues Without Ark:
The SEC affirmed that 21Shares' proposed fund could proceed without Ark Invest. The agency waived its usual 30-day operative delay, making the change effective immediately.
Ark and 21Shares announced their split on May 31. Ark stated to Bloomberg ETF analyst Erich Balchunas that it “will not be moving forward” with an Ethereum ETF but remains involved in the spot Bitcoin ETF ARKB.
⏳ Timeline for Spot ETH ETFs:
While the SEC approved rule changes for eight spot ETH ETFs on May 23, it has yet to approve applicants’ S-1 registration statements. As a result, these products have not launched for trading, and no definite launch date has been set.
🌟 Market Expectations:
Analysts have varying expectations for the launch dates of these spot Ethereum ETFs. Balchunas predicts a launch by the end of June, with an “over-under” date of July 4, while JP Morgan anticipates the funds will begin trading by November.
👇 What are your thoughts on the SEC's decisions?
Like, share, comment, and follow for more updates!
Your Matthias Mende
#EthereumETF #SEC #bitcoin #etf #ethereum
$BTC $ETH $SOL
💫Global Spot Bitcoin ETFs hold 1.03 million BTC worth over $70 billion in total.
•This corresponds to 5% of the BTC supply.
#etf #ETHETFsApproved #btc $BTC
•This corresponds to 5% of the BTC supply.
#etf #ETHETFsApproved #btc $BTC
📊According to Coinshares data, digital asset investment products experienced their 5th entry week.
•Investment products saw inflows of $2 billion over the past week.
•Thus, the 5-week inflow amount increased to 4.3 billion dollars.
•ETF volumes increased by 55% compared to the previous week, reaching $12.8 billion.
#ETHETFsApproved #etf $BTC
•Investment products saw inflows of $2 billion over the past week.
•Thus, the 5-week inflow amount increased to 4.3 billion dollars.
•ETF volumes increased by 55% compared to the previous week, reaching $12.8 billion.
#ETHETFsApproved #etf $BTC
#Write2earn
ETHEREUM PRICE COULD SKYROCKET TO $10,000 IN 2024, PREDICTS PROMINENT TRADER
#EThereum #EthereumETF #etf #ETFinflow
A prominent trader forecasts Ethereum (ETH) could surge to $10,000 in 2024, nearly tripling from its current $3,600 level.
Investment Surge
Last week, cryptocurrency investment products saw nearly $2 billion in inflows, extending a five-week trend to over $4.3 billion, reports CoinShares.
Exchange-traded products (ETPs) trading volumes hit $12.8 billion, up 55% from the previous week. Bitcoin led with $1.97 billion in inflows, while Ethereum saw its highest weekly inflows since March, totaling nearly $70 million.
ETFs Resurgence
U.S. spot Bitcoin ETFs have rebounded since mid-May. BlackRock's IBIT, after a sluggish April, became the largest Bitcoin ETF last week with over $20 billion in assets since January.
"Unusually, inflows were seen across nearly all providers, with a slowdown in outflows from incumbents," noted CoinShares analyst James Butterfill. "Positive price action pushed total assets under management (AuM) past $100 billion for the first time since March."
Butterfill attributed the ETH buying spree to the SEC's approval of spot ether ETFs, predicting continued inflows into ETH products and a potential year-end rally.
Expert Optimism
Ed Hindi, CIO at Tyr Capital, expressed optimism: "We could see $5-10 billion of fresh capital flowing into ether products soon, possibly fueling an end-of-year rally to new highs."
Hindi suggested a $10,000 price target for ETH in 2024, citing its deflationary nature and other supportive factors.
Regulatory Milestone
In May, the SEC approved key regulatory filings for ETH ETFs, marking a significant milestone. The approval includes ETFs from VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest, 21Shares, Invesco Galaxy, and BlackRock, allowing them to list on major exchanges like Nasdaq, NYSE Arca, and Cboe BZX.
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ETHEREUM PRICE COULD SKYROCKET TO $10,000 IN 2024, PREDICTS PROMINENT TRADER
#EThereum #EthereumETF #etf #ETFinflow
A prominent trader forecasts Ethereum (ETH) could surge to $10,000 in 2024, nearly tripling from its current $3,600 level.
Investment Surge
Last week, cryptocurrency investment products saw nearly $2 billion in inflows, extending a five-week trend to over $4.3 billion, reports CoinShares.
Exchange-traded products (ETPs) trading volumes hit $12.8 billion, up 55% from the previous week. Bitcoin led with $1.97 billion in inflows, while Ethereum saw its highest weekly inflows since March, totaling nearly $70 million.
ETFs Resurgence
U.S. spot Bitcoin ETFs have rebounded since mid-May. BlackRock's IBIT, after a sluggish April, became the largest Bitcoin ETF last week with over $20 billion in assets since January.
"Unusually, inflows were seen across nearly all providers, with a slowdown in outflows from incumbents," noted CoinShares analyst James Butterfill. "Positive price action pushed total assets under management (AuM) past $100 billion for the first time since March."
Butterfill attributed the ETH buying spree to the SEC's approval of spot ether ETFs, predicting continued inflows into ETH products and a potential year-end rally.
Expert Optimism
Ed Hindi, CIO at Tyr Capital, expressed optimism: "We could see $5-10 billion of fresh capital flowing into ether products soon, possibly fueling an end-of-year rally to new highs."
Hindi suggested a $10,000 price target for ETH in 2024, citing its deflationary nature and other supportive factors.
Regulatory Milestone
In May, the SEC approved key regulatory filings for ETH ETFs, marking a significant milestone. The approval includes ETFs from VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest, 21Shares, Invesco Galaxy, and BlackRock, allowing them to list on major exchanges like Nasdaq, NYSE Arca, and Cboe BZX.
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U.S. Bitcoin ETFs See Second-Best Inflow Day Ever
“Big-time flows all around today for The Ten […] The ability to bounce back with renewed interest after a couple of nasty selloffs is rare for hot sauce-type strategies. [It] shows staying power.” - Eric Balchunas, ETF senior analyst for Bloomberg
#Bitcoin #etf #BitEagleNews
“Big-time flows all around today for The Ten […] The ability to bounce back with renewed interest after a couple of nasty selloffs is rare for hot sauce-type strategies. [It] shows staying power.” - Eric Balchunas, ETF senior analyst for Bloomberg
#Bitcoin #etf #BitEagleNews
1. The Hong Kong spot Bitcoin ETF saw an inflow of approximately $31 million yesterday.
2. There was a net inflow of $14 million into BITB$BITB yesterday.
3. Consideration is being given by the US Wisconsin Pension Plan to increase its investment in spot BTC$BTC ETFs.
4. The central bank of Qatar has commenced a CBDC project.
5. May data reveals the creation of nearly 500,000 tokens on the Solana blockchain.
#btc #etf
2. There was a net inflow of $14 million into BITB$BITB yesterday.
3. Consideration is being given by the US Wisconsin Pension Plan to increase its investment in spot BTC$BTC ETFs.
4. The central bank of Qatar has commenced a CBDC project.
5. May data reveals the creation of nearly 500,000 tokens on the Solana blockchain.
#btc #etf
Bitcoin ETF Net Inflow Update – June 3, 2024
The Bitcoin Spot ETF Net Inflow on June 3, 2024, is recorded at $105M!
Here are some key updates on the statistics of 10 Bitcoin Spot ETFs:👇
The net inflow has been negative for 3 consecutive trading days.
The cumulative total net inflow after 74 trading days dropped further to $11.99M, the lowest level in the past 21 trading days.
Both Grayscale (GBTC) and #BlackRock (IBIT) recorded a single-day net flow of $0.
The highest single-day inflow belonged to #Fidelity (FBTC), with $77M.
$BTC #etf #data
The Bitcoin Spot ETF Net Inflow on June 3, 2024, is recorded at $105M!
Here are some key updates on the statistics of 10 Bitcoin Spot ETFs:👇
The net inflow has been negative for 3 consecutive trading days.
The cumulative total net inflow after 74 trading days dropped further to $11.99M, the lowest level in the past 21 trading days.
Both Grayscale (GBTC) and #BlackRock (IBIT) recorded a single-day net flow of $0.
The highest single-day inflow belonged to #Fidelity (FBTC), with $77M.
$BTC #etf #data
