Hong Kong-Listed Bitcoin ETFs Could Unlock Up to $25B in Demand, Crypto Firm Says
Singapore-based Matrixport expects mainland Chinese investors to move billions into potential Hong Kong-listed spot BTC ETFs through the Stock Connect program.
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Matrixport
Singapore-based Matrixport expects mainland Chinese investors to move billions into potential Hong Kong-listed spot BTC ETFs through the Stock Connect program.
Bitcoin nearly doubled in price since late January, but a “counter move seems to be near,” Swissblock analysts said.
Momentum behind bitcoin’s rally has waned so expect a period of consolidation, Matrixport analysts noted.
Reports swirled that the SEC was giving final comments to issuers and may approve multiple spot-based bitcoin ETF applications very soon.
Bitcoin cratered almost 10% below $41,000 early Wednesday around the time Matrixport’s report about warning of a spot BTC ETF decline, but it was more likely due to a leverage flush as the market overheated, a K33 analyst said in an interview.
“SEC Chair Gensler is not embracing crypto in the U.S., and it might even be a very long shot to expect that he would vote to approve bitcoin spot ETFs,” Matrixport said.
2023 has been a five-phased bitcoin rally, Matrixport said in a report.
Bitcoin hit a fresh yearly high of $42,000, pushing the market capitalization of all cryptocurrencies over $1.5 trillion for the first since May 2022.
Polygon’s MATIC and Chainlink’s LINK led altcoin gains Wednesday afternoon.
The Ethereum blockchain settled $250 billion of transactions last week, the highest since mid-March, underpinning ether’s bullish outlook.