Matrixport released a new report stating that if the Federal Reserve is forced to raise interest rates, the bull market may quickly reverse. However, at least one more inflation report (one month later) needs to be released to achieve this goal. Macro risks should persist for a period of time, but only temporarily. The Federal Reserve's "wait-and-see" time may be longer than the market expects. Although there are macro risks, it may still be too early to be bearish. Macro factors such as rising gold prices may also support the rise of Bitcoin prices, as Bitcoin is "digital gold". In addition, it also stated that with the possible approval of the Bitcoin spot ETF on the Hong Kong Stock Exchange, this may bring billions of dollars in funds, and mainland investors can use the Southbound Trading Scheme to promote transactions of up to 500 billion yuan annually. Based on (potential) available capacity, this may bring up to HK$200 billion in available capacity to the Hong Kong Bitcoin ETF, or US$25 billion. This will exceed the inflow of the US Bitcoin spot ETF (US$12 billion) and may become a key upward driver of Bitcoin prices.
