Hong Kong approves multiple Bitcoin & Ethereum ETF's 🙏

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Trending over the past 24 hours 👇️

📈 Markets

• Bitcoin is trying to hold its range lows of $60,700.

• Till this level is held, the bullish market structure remains intact on the daily time frame.

• 4H & 1H RSI are forming bullish divergences near the range lows, indicating short term reversal from the range bottom is possible for intraday trades.

• Sell side liquidity is sitting at ~$66,700 so that can be a good area for intraday profit booking.

• Open interest is falling along with falling prices, which is a sign of bearishness.

• $58,900 (100 Day EMA) & $53,100 are the next major areas of support if the $60,700 support is broken.

• Bitcoin Dominance has re-tested it’s weekly breakout zone at 55.17%, indicating that BTC is set to outperform alts for the near future — at least till this newly formed support is broken.

• ETF outflows have been negative for the 2nd consecutive day, with $36.7 million of outflows seen yesterday.

• Overall, a rising BTC dominance, falling OI, falling prices & slowdown in ETF buying are showing some weakness within the market, but this will not be confirmed till the $60,700 support is broken on the daily time frame.

📅 Today

More ETF’s Please ❗️ 

Asia has entered the chat! On Monday, Hong Kong greenlit a series of spot Bitcoin & Ethereum ETFs managed by China Asset Management, Harvest Global, Bosera, & HashKey.

Although the asset managers haven't revealed the launch timeline, the approval marks a significant step forward, as they offer investors fresh asset allocation avenues, solidifying Hong Kong's position as a global financial center and an upcoming crypto hub.

However, Bloomberg analyst Eric Balchunas suggests that the launch of these ETFs in Hong Kong may not cause an immediate significant shift in Bitcoin's price,(like we saw with US spot ETF approvals), due to the following reasons :

1. Hong Kong’s ETF market is smaller in size — just around $50 billion.

2. The ETF’s are inaccessible to Chinese locals

3. The spot ETF issuers are way smaller, as compared to their US counterparts such as BlackRock & Fidelity

4. The ETF management fees are projected to be on the higher end of 1-2%

   However, over the long term, these ETF approvals are expected to continue to influence Bitcoin & Ethereum’s market dynamics by re-enforcing positive investor sentiment.

Germany's Largest Federal Bank LBBW Dives into Bitcoin Custody 🙏 

Landesbank Baden-Württemberg (LBBW), Germany's largest state-backed lender, will soon provide crypto custody services in partnership with Bitpanda, an Austrian exchange platform.

The service is scheduled for launch in the second half of 2024, driven by growing demand for crypto services among corporate clients.

While retail is panic selling on every 10% dip, we are seeing institutional FOMO continue to rise like never before. The trick to surviving these bull market dips is quite simple — Keep HODLing Bitcoin!

Satoshi Era Bitcoin Wallet Re-surfaces 😅 

An 14 year old Bitcoin miner wallet from 2010 just moved 50 Bitcoin to Coinbase. The owner of the wallet hodled all the way from $0.20 to $66000. The motivation behind this reawakening remains a mystery.

However, what we know with certainty is that their $1 worth Bitcoin from 2010 is now worth over $3.25 million at current prices!

What a legend ❗️ 

📊 Stats

Educational 📔 

Understanding Bitcoin Dominance & Capital Flow in Crypto 👇️ 

Bitcoin Dominance stands as one of the most crucial metrics in the realm of crypto, indicating the percentage of the total market capitalization held by Bitcoin compared to all other crypto assets combined.

When Bitcoin Dominance is high, it means money is flowing into Bitcoin, likely outperforming other coins.

This makes it easier to predict the capital flow across various tokens. Money tends to move in cycles & understanding these cycles are the key to timing investment decisions to maximize profits

1. Initially, money first starts flowing into Bitcoin, causing BTC dominance to rise.

2. Profit-taking from Bitcoin leads to capital rotation in Ethereum, causing its price to rise.

3. Profits from Ethereum often flow into other top altcoins.

4. Eventually, smaller tokens see a parabolic rise during a euphoric phase before a market correction/bubble burst & the cycle then repeats.

Generally, when BTC Dominance is over 60%, its a good time to buy alts, while when BTC Dominance is near 40%, it could mark the euphoria phase in the market, making it a good time to book profits!

🤣 Meme of the day

That concludes our update for today!

We appreciate you joining us for the latest news. We aim to provide insights and highlights that keep you well-informed and ready. Remember to follow us on Twitter and Instagram for regular updates, insights, and giveaways. Until next time, happy trading!

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