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Hong Kong’s new spot bitcoin and ether ETFs were widely considered to have a disappointing debut on Tuesday, generating just $11.2 million in combined trading volume.However, there’s an important caveat when comparing the figures against the U.S. spot bitcoin funds, according to Bloomberg ETF analyst Eric Balchunas.
As bitcoin’s price has dipped below the $60,000 mark and is currently hovering around $57,000, it could fall further to around $50,000, according to Standard Chartered Bank.
The U.S. spot bitcoin ETFs saw $343.5 million withdrawn from the funds in April — the first monthly net outflows since trading began in January.The spot bitcoin ETFs most recent net outflow streak extended to five days on Tuesday amid continued zero daily flows for BlackRock’s IBIT.
Bitcoin long liquidations spiked over $145 million in the past 24 hours as the price dropped to a low not seen since February.The digital asset’s price correction is partly due to falling demand from U.S.-based investors, according to CryptoQuant.
Upcoming macroeconomic clarity, or a lack thereof, is likely to be a key contributor to bitcoin’s next price movement
- 01:47USDC Treasury added 250 million USDC to the Solana chain 6 hours agoAccording to the on-chain data tracking service Whale Alert, around 2:04 Singapore time, USDC Treasury minted an additional 250 million USDC on the Solana chain.
- 01:46Vitalik changed his personal photo on X platform to the image of MiladyAccording to information from the X platform, Vitalik has changed his personal photo on the X platform to a Milady image.
- 01:45The price of Trump Memecoin hits a historical high, potentially increasing its net assets by five timesArkham Intelligence indicates that Donald Trump's net worth increased by $22 billion overnight. Assuming CIC Digital LLC and Fight Fight LLC collectively own 80% of the TRUMP supply, then these two companies essentially belong to him. More importantly, at the current price of around $28, this portion of shares is worth $22.4 billion. Forbes estimates that by November 2024, the elected president's net worth will reach $5.6 billion. If this estimate is accurate, the value of Memecoin will increase fivefold.