● Hong Kong begins trading spot Bitcoin and Ethereum ETFs, three Bitcoin ETFs rise more than 3% in early trading
According to Odaily Planet Daily, spot Bitcoin and Ethereum ETFs began trading in Hong Kong. Huaxia Bitcoin (03042.HK), Harvest Bitcoin (03439.HK), and Boshi Bitcoin (03008.HK) all rose by more than 3% in early trading.
● Hong Kong's first batch of cryptocurrency spot ETFs are listed on the Hong Kong Stock Exchange
According to Odaily Planet Daily, Hong Kong will become the first city in Asia to accept popular cryptocurrencies as a major investment tool, and the first batch of cryptocurrency spot ETFs will be traded on the Hong Kong Stock Exchange tomorrow. China Asset Management (Hong Kong) plans to issue 1 Bitcoin and 1 Ethereum ETF, denominated in Hong Kong dollars, RMB and US dollars.
Zhu Haokang, head of digital asset management and family wealth management at China Asset Management Hong Kong, expects that this will attract more cryptocurrency miners and market investors from Singapore and the Middle East who do not have related products. Zhu Haokang revealed that he has communicated with some family offices in Hong Kong, Asia and overseas, and many of them have expressed great interest. He believes that more family offices will participate in investing in virtual assets in the future.
● China Asset Management is confident that the first-day issuance scale of Hong Kong virtual asset spot ETF will exceed that of the United States
According to Wu Shuo, China Asset Management said it is confident that the issuance scale of the Hong Kong virtual asset spot ETF on the first day of listing will exceed the issuance scale of the first day in the United States (US$125 million).
At the same time, they are also confident about the scale of the transaction. Many investors in Singapore, the Middle East and other places are very interested in physical subscription. In addition, the United States's recognition of Ethereum as a security does not affect Hong Kong, because Hong Kong has long defined Ethereum as not a security.
● US Bitcoin ETF has experienced net outflows for four consecutive trading days, with an outflow of US$52 million yesterday
According to Odaily Planet Daily, HODL15Capital monitoring data showed that the U.S. spot Bitcoin ETF had a net outflow of US$52 million yesterday, which was the fourth consecutive trading day of net outflow.
● Digital asset investment products saw outflows for the third consecutive week, totaling $435 million
According to Foresight News, CoinShares data showed that digital asset investment products saw outflows for the third consecutive week last week, with a total outflow of $435 million, the largest outflow since March this year. ETP trading volume fell to $11.8 billion, compared with $18 billion the previous week. Among them, Bitcoin funds outflowed $423 million and Ethereum funds outflowed $39 million. In contrast, Solana, Litecoin and Chainlink inflows were $4 million, $3 million and $2.8 million, respectively.
● Bitcoin network transaction fees dropped significantly
According to ChainCatcher, mempool.space data shows that Bitcoin network transaction fees have dropped significantly. Among them, the medium priority is temporarily reported at 24 satoshis/byte, and the high priority is temporarily reported at 28 satoshis/byte.
● MicroStrategy Q1 financial report released: net loss of US$53.1 million, holding 214,400 Bitcoins
According to ChainCatcher, MicroStrategy released its Q1 financial report, with a net loss of $53.1 million in the quarter and a digital asset impairment loss of $191.6 million, 10 times the same period last year. Its revenue also fell 5.5% to $115.2 million compared to the first quarter of 2023.
It is worth noting that the company has not yet adopted the new fair value accounting standard for digital assets, which would take into account the 65% increase in the fair value (or market value) of Bitcoin this quarter. MicroStrategy released the latest data on its Bitcoin holdings on Monday along with its first quarter 2024 financial report. The company currently holds a total of 214,400 Bitcoins with a total value of $7.54 billion, or $35,180 per coin.
