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Hong Kong Asset Management Company Takes Huge Bitcoin (BTC) Move
Yong Rong Asset Management, a major asset management firm based in Hong Kong, has made a significant investment in the Bitcoin Spot ETF, according to Bloomberg ETF analyst Eric Balchunas. The firm purchased $38 million worth of the IBIT Bitcoin Spot ETF, which now accounts for 12% of its reported assets.
The move is particularly notable considering Hong Kong has its own ETFs, according to Balchunas. However, with their irresistible combination of low fees and high volume, U.S. ETFs continue to attract international investors.
According to Balchunas, Yong Rong's portfolio is diverse, with his top four holdings consisting of Nvidia, Meta, Tesla and Bitcoin. While Yong Rong's single $30 million ETF investment in IBIT is significant, another Hong Kong firm, Ovata, owns four of the spot BTC ETFs with a total value of $74 million, making it the largest total investor to date .
The total trading volume of six Hong Kong spot ETFs for virtual assets was HK$48.91 million, or approximately US$6.26 million, as of the close on May 3. Among them, the trading volume of Bitcoin ETF was 43.41 million Hong Kong dollars, while the trading volume of Ethereum ETF was 5.5 million Hong Kong dollars. In comparison, trading volume for 11 US Bitcoin spot ETFs on May 2 was a staggering $1.72 billion.
Yong Rong Asset Management, a major asset management firm based in Hong Kong, has made a significant investment in the Bitcoin Spot ETF, according to Bloomberg ETF analyst Eric Balchunas. The firm purchased $38 million worth of the IBIT Bitcoin Spot ETF, which now accounts for 12% of its reported assets.
The move is particularly notable considering Hong Kong has its own ETFs, according to Balchunas. However, with their irresistible combination of low fees and high volume, U.S. ETFs continue to attract international investors.
According to Balchunas, Yong Rong's portfolio is diverse, with his top four holdings consisting of Nvidia, Meta, Tesla and Bitcoin. While Yong Rong's single $30 million ETF investment in IBIT is significant, another Hong Kong firm, Ovata, owns four of the spot BTC ETFs with a total value of $74 million, making it the largest total investor to date .
The total trading volume of six Hong Kong spot ETFs for virtual assets was HK$48.91 million, or approximately US$6.26 million, as of the close on May 3. Among them, the trading volume of Bitcoin ETF was 43.41 million Hong Kong dollars, while the trading volume of Ethereum ETF was 5.5 million Hong Kong dollars. In comparison, trading volume for 11 US Bitcoin spot ETFs on May 2 was a staggering $1.72 billion.
XRP’s Recent Surge: What 130 Billion Tokens Moving Means for Investors
On May 1st, XRP’s Age Consumed metric soared to an all-time high, indicating a significant movement of dormant coins. For those unfamiliar, Age Consumed tracks the activity of long-term holders who rarely transfer their idle coins. When this metric rises sharply, it suggests that a large number of these dormant tokens are changing hands, potentially signaling a shift in market sentiment.·
On May 1st, XRP’s Age Consumed metric soared to an all-time high, indicating a significant movement of dormant coins. For those unfamiliar, Age Consumed tracks the activity of long-term holders who rarely transfer their idle coins. When this metric rises sharply, it suggests that a large number of these dormant tokens are changing hands, potentially signaling a shift in market sentiment.·
#Chinese Ethereum #CFX_LONG #altcoins
Key Takeaways
CFX price faces bearish pressure toward $0.2 following intense selloff.
Considering the current BTC market sentiment and rising buying demand among Chinese investors, CFX price might reach $0.28 in May.
In 2025, CFX might record maximum price of $0.4773.
Conflux Network (CFX) is a high-speed layer 1 blockchain that combines proof-of-work consensus with proof-of-stake finality. Originating from China, it follows local regulations, earning it the nickname “Chinese Ethereum.”
The network’s native CFX token serves various purposes, such as being a store-of-value and a governance token. You can also stake these tokens to receive passive income in the form of more CFX tokens.
When considering the future value of the CFX token in 2024 and beyond, our CFX network price prediction takes into account various factors that could influence its price. Analysts question: Can CFX price reach $1?; however, this depends on economic conditions, the token’s practical uses, and historical price trends.
Overview
Cryptocurrency Conflux Network Ticker Symbol CFX Rank 91 Price change 24H +0.55% Market cap $844,938,661 Circulating supply 3,945,712,464 Trading volume 24h $53,989,272 All-time high $1.7 All-time low $0.2191
Conflux Price Prediction: Technical Analysis
Metric Value Price Prediction $0.712121 (228.76%) Volatility 20.33% 50-Day SMA $0.345744 14-Day RSI 34.57 Sentiment Bearish Fear & Greed Index 43 (Fear) Green Days 13/30 (43%) 200-Day SMA $0.228678
Conflux price analysis: CFX price declined heavily as it dropped toward $0.2
TL; DR Breakdown
CFX price analysis shows that Conflux faced a bearish pattern as the price dropped below $0.21
Resistance for CFX is present at $0.2617
Support for CFX/USD is present at $0.1884
The CFX price analysis for 2 May confirms that bears sparked a solid selling pressure as CFX price plunged buying confidence by heading below the $0.21 mark.
CFX price analysis 1-day chart: Conflux price faces intense bearish pressure
#CFX/USDT.P
Key Takeaways
CFX price faces bearish pressure toward $0.2 following intense selloff.
Considering the current BTC market sentiment and rising buying demand among Chinese investors, CFX price might reach $0.28 in May.
In 2025, CFX might record maximum price of $0.4773.
Conflux Network (CFX) is a high-speed layer 1 blockchain that combines proof-of-work consensus with proof-of-stake finality. Originating from China, it follows local regulations, earning it the nickname “Chinese Ethereum.”
The network’s native CFX token serves various purposes, such as being a store-of-value and a governance token. You can also stake these tokens to receive passive income in the form of more CFX tokens.
When considering the future value of the CFX token in 2024 and beyond, our CFX network price prediction takes into account various factors that could influence its price. Analysts question: Can CFX price reach $1?; however, this depends on economic conditions, the token’s practical uses, and historical price trends.
Overview
Cryptocurrency Conflux Network Ticker Symbol CFX Rank 91 Price change 24H +0.55% Market cap $844,938,661 Circulating supply 3,945,712,464 Trading volume 24h $53,989,272 All-time high $1.7 All-time low $0.2191
Conflux Price Prediction: Technical Analysis
Metric Value Price Prediction $0.712121 (228.76%) Volatility 20.33% 50-Day SMA $0.345744 14-Day RSI 34.57 Sentiment Bearish Fear & Greed Index 43 (Fear) Green Days 13/30 (43%) 200-Day SMA $0.228678
Conflux price analysis: CFX price declined heavily as it dropped toward $0.2
TL; DR Breakdown
CFX price analysis shows that Conflux faced a bearish pattern as the price dropped below $0.21
Resistance for CFX is present at $0.2617
Support for CFX/USD is present at $0.1884
The CFX price analysis for 2 May confirms that bears sparked a solid selling pressure as CFX price plunged buying confidence by heading below the $0.21 mark.
CFX price analysis 1-day chart: Conflux price faces intense bearish pressure
#CFX/USDT.P
13 days ago, we had the 4th #Bitcoin halving.
Remember:👇
- 1st Halving: +8,000%
- 2nd Halving: +3,000%
- 3rd Halving: +800%
The 4th halving is here, and history will repeat.
#BitcoinETFs #MicroStrategy #BlackRock #CryptoWatchMay2024
Remember:👇
- 1st Halving: +8,000%
- 2nd Halving: +3,000%
- 3rd Halving: +800%
The 4th halving is here, and history will repeat.
#BitcoinETFs #MicroStrategy #BlackRock #CryptoWatchMay2024
Grayscale Bitcoin Trust Sees Major Daily Inflow
GBTC Records a $63 Million InflowAccording to Farside Investors, on May 3, the last trading day of the week, GBTC experienced a net inflow of $63 million. Historically, the Grayscale product has stood out as an important traditional investment option for those interested in Bitcoin without directly purchasing cryptocurrencies.
In January, it was transformed into an ETF and faced serious competition following the U.S. Securities and Exchange Commission’s (SEC) approval of nine rival spot Bitcoin ETFs.
Due to relatively higher fund management fees, investors have withdrawn billions of dollars from GBTC so far. As a result, according to compiled fund data, the fund’s Bitcoin assets, which were over 600,000 before being converted into a spot ETF, are now approximately at 290,000. This corresponds to a reduction of up to 50% of the fund’s Bitcoin assets.
BlackRock’s IBIT Challenges GBTC
The net inflow to GBTC on the last trading day of the week indicates the end of a net outflow streak for the spot Bitcoin ETF, but BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), is currently challenging GBTC for the title of the largest spot Bitcoin ETF.
While GBTC currently holds assets worth $18.1 billion, IBIT has assets worth $16.9 billion. It is worth noting that IBIT, currently in second place, started trading in January with zero assets, while GBTC opened with assets over $26 billion.
GBTC Records a $63 Million InflowAccording to Farside Investors, on May 3, the last trading day of the week, GBTC experienced a net inflow of $63 million. Historically, the Grayscale product has stood out as an important traditional investment option for those interested in Bitcoin without directly purchasing cryptocurrencies.
In January, it was transformed into an ETF and faced serious competition following the U.S. Securities and Exchange Commission’s (SEC) approval of nine rival spot Bitcoin ETFs.
Due to relatively higher fund management fees, investors have withdrawn billions of dollars from GBTC so far. As a result, according to compiled fund data, the fund’s Bitcoin assets, which were over 600,000 before being converted into a spot ETF, are now approximately at 290,000. This corresponds to a reduction of up to 50% of the fund’s Bitcoin assets.
BlackRock’s IBIT Challenges GBTC
The net inflow to GBTC on the last trading day of the week indicates the end of a net outflow streak for the spot Bitcoin ETF, but BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), is currently challenging GBTC for the title of the largest spot Bitcoin ETF.
While GBTC currently holds assets worth $18.1 billion, IBIT has assets worth $16.9 billion. It is worth noting that IBIT, currently in second place, started trading in January with zero assets, while GBTC opened with assets over $26 billion.
Grayscale Bitcoin Trust Registers Major Influx
In a notable financial event, the Grayscale Bitcoin Trust (GBTC), the world’s largest spot Bitcoin exchange-traded fund (ETF), recorded an unprecedented net inflow of $63 million on May 3, marking a significant development in its financial trajectory. This occurrence ended a prolonged period of net outflows and highlighted its enduring appeal among investors. The Grayscale Bitcoin Trust, established as a traditional investment vehicle for Bitcoin enthusiasts, provides an alternative to direct cryptocurrency ownership. It recently transitioned into an ETF in January, following a regulatory nod from the U.S. Securities and Exchange Commission that also approved several other competing spot Bitcoin ETFs.Impact of High Management Fees
Despite its status and recent influx, GBTC has experienced significant challenges, primarily due to its relatively higher fund management fees. These fees have prompted investors to withdraw substantial amounts, with the fund’s Bitcoin holdings decreasing by nearly 50%, from over 600,000 Bitcoins to around 290,000. This decline reflects broader market dynamics and investor sensitivities to cost factors within the cryptocurrency investment landscape.
Competition from BlackRock’s IBIT
While GBTC has made strides, it faces stiff competition from BlackRock’s iShares Bitcoin Trust (IBIT), which has rapidly accumulated assets since its inception in January. Although GBTC still leads with $18.1 billion in assets, IBIT is close behind with $16.9 billion, showcasing the competitive environment among spot Bitcoin ETFs.
Key Takeaways for Investors
GBTC’s transition to an ETF may offer more regulatory clarity and potentially more investor confidence.The high management fees of GBTC could be a critical factor for investors to consider, influencing their investment choices towards more cost-effective options.The intensifying competition from newly launched ETFs like IBIT highlights the dynamic nature of the cryptocurrency investment sector.
In a notable financial event, the Grayscale Bitcoin Trust (GBTC), the world’s largest spot Bitcoin exchange-traded fund (ETF), recorded an unprecedented net inflow of $63 million on May 3, marking a significant development in its financial trajectory. This occurrence ended a prolonged period of net outflows and highlighted its enduring appeal among investors. The Grayscale Bitcoin Trust, established as a traditional investment vehicle for Bitcoin enthusiasts, provides an alternative to direct cryptocurrency ownership. It recently transitioned into an ETF in January, following a regulatory nod from the U.S. Securities and Exchange Commission that also approved several other competing spot Bitcoin ETFs.Impact of High Management Fees
Despite its status and recent influx, GBTC has experienced significant challenges, primarily due to its relatively higher fund management fees. These fees have prompted investors to withdraw substantial amounts, with the fund’s Bitcoin holdings decreasing by nearly 50%, from over 600,000 Bitcoins to around 290,000. This decline reflects broader market dynamics and investor sensitivities to cost factors within the cryptocurrency investment landscape.
Competition from BlackRock’s IBIT
While GBTC has made strides, it faces stiff competition from BlackRock’s iShares Bitcoin Trust (IBIT), which has rapidly accumulated assets since its inception in January. Although GBTC still leads with $18.1 billion in assets, IBIT is close behind with $16.9 billion, showcasing the competitive environment among spot Bitcoin ETFs.
Key Takeaways for Investors
GBTC’s transition to an ETF may offer more regulatory clarity and potentially more investor confidence.The high management fees of GBTC could be a critical factor for investors to consider, influencing their investment choices towards more cost-effective options.The intensifying competition from newly launched ETFs like IBIT highlights the dynamic nature of the cryptocurrency investment sector.
According to Bloomberg analyst, a major Hong Kong-based asset management company, Yong Rong Asset Management, has made a surprising move into Bitcoin Spot ETF.The firm has invested a significant amount in the IBIT Bitcoin Spot ETF, purchasing $38 million worth, which currently makes up 12% of its reported assets.Despite Hong Kong having its own ETFs, the irresistible combination of low fees and high volume continues to draw international investors to US ETFs.
Major Hong Kong asset management firm, Yong Rong, makes a significant investment in Bitcoin Spot ETF, highlighting the growing interest in cryptocurrency investments among traditional financial institutions.
Yong Rong’s Diversified Portfolio
According to Bloomberg’s ETF analyst Eric Balchunas, Yong Rong’s portfolio is diverse, with its top four assets being Nvidia, Meta, Tesla, and Bitcoin. While Yong Rong’s single ETF investment of $30 million in IBIT is significant, another Hong Kong firm, Ovata, owns four spot BTC ETFs worth a total of $74 million, making it the largest total investor to date.
Major Hong Kong asset management firm, Yong Rong, makes a significant investment in Bitcoin Spot ETF, highlighting the growing interest in cryptocurrency investments among traditional financial institutions.
Yong Rong’s Diversified Portfolio
According to Bloomberg’s ETF analyst Eric Balchunas, Yong Rong’s portfolio is diverse, with its top four assets being Nvidia, Meta, Tesla, and Bitcoin. While Yong Rong’s single ETF investment of $30 million in IBIT is significant, another Hong Kong firm, Ovata, owns four spot BTC ETFs worth a total of $74 million, making it the largest total investor to date.
🚨 Attention Bitcoin Investors: Brace for Impact! 🚨
💥 Chaos reigns in the crypto realm as Bitcoin and altcoins face sudden declines, sending shockwaves through the investor community. With uncertainty looming large, all eyes are on the upcoming address by none other than US Federal Reserve (FED) Chairman, Jerome Powell. His words tomorrow could shape the fate of the entire crypto industry! 🔮
📈 As the FED gears up for its interest rate decision, Chairman Powell's speech carries unprecedented weight. Market experts are already buzzing with speculations about his potential statements, and the stakes couldn't be higher!
🗣️ According to reports circulating among industry insiders, here's a sneak peek at what Chairman Powell might unveil during tomorrow's crucial press conference:
“Policy needs more time, the next move will likely be a rate cut and the committee will be in wait-and-see mode until the Fed gets more clarity on inflation."
📉 Bank of America economists are chiming in with their predictions too, foreseeing a slowdown in quantitative tightening. Their insights paint a picture of anticipation and apprehension, with remarks like:
“We think Powell is pleased that this year's rate cuts have been priced in significantly."
"The FED will reduce interest rates this year and will probably have difficulty controlling the market."
🌟 However, all hope is not lost! If FED officials, including Chairman Powell, strike a more favorable tone tomorrow, there's a glimmer of hope for a market recovery. It's a pivotal moment that could either spark renewed optimism or deepen the turmoil. The stakes have never been higher, and the crypto community braces itself for the verdict! 💪📉
remember, in the world of Bitcoin, every word matters, and every emotion runs high! 🌊🚀 #ENA #APE #Bond
💥 Chaos reigns in the crypto realm as Bitcoin and altcoins face sudden declines, sending shockwaves through the investor community. With uncertainty looming large, all eyes are on the upcoming address by none other than US Federal Reserve (FED) Chairman, Jerome Powell. His words tomorrow could shape the fate of the entire crypto industry! 🔮
📈 As the FED gears up for its interest rate decision, Chairman Powell's speech carries unprecedented weight. Market experts are already buzzing with speculations about his potential statements, and the stakes couldn't be higher!
🗣️ According to reports circulating among industry insiders, here's a sneak peek at what Chairman Powell might unveil during tomorrow's crucial press conference:
“Policy needs more time, the next move will likely be a rate cut and the committee will be in wait-and-see mode until the Fed gets more clarity on inflation."
📉 Bank of America economists are chiming in with their predictions too, foreseeing a slowdown in quantitative tightening. Their insights paint a picture of anticipation and apprehension, with remarks like:
“We think Powell is pleased that this year's rate cuts have been priced in significantly."
"The FED will reduce interest rates this year and will probably have difficulty controlling the market."
🌟 However, all hope is not lost! If FED officials, including Chairman Powell, strike a more favorable tone tomorrow, there's a glimmer of hope for a market recovery. It's a pivotal moment that could either spark renewed optimism or deepen the turmoil. The stakes have never been higher, and the crypto community braces itself for the verdict! 💪📉
remember, in the world of Bitcoin, every word matters, and every emotion runs high! 🌊🚀 #ENA #APE #Bond
