BTC plunged yesterday, and all the gains of the previous day have been shed. If the market is difficult to defend today, it may fall further. Judging from the daily indicators, the downward trend has begun to emerge. If the market continues to fall today, it is expected that most indicators will turn bearish tomorrow, and the decline may expand at that time. Investors need to remain calm, and those who are trapped can hold on with peace of mind and wait for the halving market. For those who are not fully invested, they can wait for the decline to end and buy on dips.
On April 10, the Hong Kong Securities and Futures Commission updated the list of virtual asset management funds, adding Harvest International and China Asset Management, which have added virtual asset management businesses. This move is aimed at preparing for the upcoming Bitcoin spot ETF. It was originally planned to approve 4 companies in the first batch, but Bosera Fund and Value Partners Financial are not included in the list because they do not meet the conditions. The Hong Kong Securities and Futures Commission expects to list Bitcoin spot ETFs in Hong Kong before the end of April
After the opening of the Bitcoin exchange-traded fund (ETF), GBTC held more than 619,000 BTC, with a total value of up to US$28 billion. However, in the past three months, the fund has sold 296,000 bitcoins, equivalent to 1.5% of the global bitcoin supply. Currently, GBTC's net asset value has dropped to $23.2 billion. This series of actions suggests that the price of Bitcoin may be overvalued, and profit-makers are shipping in large quantities. Investors should be wary of potential risks.
