Before the FOMC meeting, Bitcoin ETF outflows hit a weekly record of $161 million. This increase followed a significant correction on Wall Street. As a result, the market noted five consecutive days of outflows in BTC ETFs.
As we reported as Koinfinans.com, Grayscale ETF GBTC recorded a daily net outflow of $93.2277 million. It supports GBTC’s current outflow of $17.303 billion, according to data from Farside Investors.
The total net asset value of Bitcoin ETFs stands at $49.413 billion. As a result, it continues to be below the $50 billion limit. End of April, uncertain macro and geopolitical conditions continue to take effect. Following inflows in the first three months of launch, there was an outflow of $182 million across all BTC ETFs.
Additionally, on Tuesday, April 30, Hong Kong announced Bitcoin and Ethereum ETFHe launched his . However, it got off to a slow start with $12 million in trading volumes on Day 1. However, many market analysts argue that this is a good start and should not be directly compared to the launch of US BTC ETFs, which have a much larger market with players like BlackRock. lasted.
Hong Kong #bitcoin ETF 1st day was actually strong. context: chinaAMC predicted > $125m 1st day which was hit: $127m. US ETF 1st day was $750m (excluding $GBTC selling), however the US ETFs market size is $6500 billion, vs HKG’s ETF market size $50bil, 130x smaller ETF market!
— Adam Back (@adam3us) April 30, 2024
NEWS CONTINUES BELOW
Adam Back noted that the opening day in Hong Kong was 22 times stronger than the record-breaking launch of the Bitcoin ETF in the US. Back examines this in proportion to the overall market. Trading volumes are lower compared to Assets Under Management (AUM) on the first day.
In contrast, in US ETFs, seed buyers make a big purchase on the first day. Additionally, ChinaAMC hinted at potential interest from Singapore and other Asian markets in favoring Hong Kong ETFs over their U.S. counterparts.
Bitcoin Price Under Pressure
Amid the massive sell-off on Wall Street and the 500-point drop in the Dow Jones, Bitcoin price also came under strong selling pressure and fell below the $60,000 level. Market analysts predict that BTC still has an 8-10% correction ahead and will drop as low as $55,000 before getting back on the recovery path.
Monthly close approaching for #Bitcoin and FOMC day tomorrow.
I think we’ll see that sweep beneath $60K and potentially cascade towards $55-58K from which we’re finding the low and rotate back upwards.
From there: Ethereum ETF hype in May to pick up momentum. pic.twitter.com/Iki4De9mSF
— Michaël van de Poppe (@CryptoMichNL) April 30, 2024
