Bitcoin Price Rebounds After BlackRock ETF Bombshell: Hong Kong’s Bitcoin ETFs Face Uncertainty
The Bitcoin price has made a strong recovery after a sudden sell-off last week, with a 15% rally following a shock BlackRock spot Bitcoin exchange-traded fund (ETF) announcement. The bounce in Bitcoin’s price comes amidst rumors of Wall Street potentially opening the floodgates for Bitcoin ETFs, and a revelation from an insider about Hong Kong’s new Bitcoin ETFs potentially facing a major earthquake.
According to Richard Byworth, managing partner at SyzCapital, there is talk that the Bitcoin and Ethereum ETFs in Hong Kong could be added to stock connect, allowing mainland China money to buy them. This news has sparked excitement in the crypto market, with Samson Mow, former chief strategy officer at Blockstream, urging for a more bullish outlook.
Last week, Hong Kong saw the launch of spot Bitcoin and Ethereum ETFs by Bosera Asset Management, Harvest Global Investments, and China Asset Management (ChinaAMC). However, despite the well-hyped launch, the debut was considered “lukewarm” compared to the massive success of Wall Street’s Bitcoin ETFs.
The overall interest in crypto in Asia is high, but some believe that Asian investors may have already allocated to native assets, leading to less interest in publicly traded funds. The developments in the crypto market, particularly in relation to ETFs, continue to drive excitement and speculation among investors.
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