Mini Program: Daily Cryptocurrency Dynamics Summary
1. The first batch in Asia, Huaxia Bitcoin ETF and Huaxia Ethereum ETF were issued on April 29 and listed on the Hong Kong Stock Exchange on April 30
China Asset Management (Hong Kong) announced on the 29th that it will launch China Asset Management Bitcoin ETF and China Asset Management Ethereum ETF, which will be listed on the Hong Kong Stock Exchange on April 30, 2024. This is the first time such products have been launched in the Asian market. The two ETFs are designed to provide investment returns that closely follow the performance of the CME CF Bitcoin and Ethereum Index (Asia Pacific Closing Price) (before deducting fees and expenses). Virtual asset industry partner OSL Digital Securities Co., Ltd. will become China Asset Management Hong Kong's virtual asset trading and sub-custodian partner, while leading custodian BOCI Prudential Trustee Co., Ltd. will become China Asset Management Hong Kong's main custodian. The world's first physical subscription and redemption mechanism is expected to attract crypto asset investors who convert physical cryptocurrencies into ETF products.
2. HKEX: Accepting BOS HashKey, Huaxia, Harvest Bitcoin and Ethereum ETFs as eligible securities for multiple counters in the central clearing system
The Hong Kong Stock Exchange issued three notices, announcing the inclusion of Bosera HashKey Bitcoin ETF Shares and Bosera HashKey Ethereum ETF Shares, Huaxia Bitcoin ETF Shares and Huaxia Ethereum ETF Shares, and Harvest Bitcoin Spot ETF Shares and Harvest Ethereum Spot ETF Shares as eligible securities for the Central Clearing System Multi-Counter. It is reported that: 1. The trading unit of Bosera HashKey Bitcoin ETF Shares and Bosera HashKey Ethereum ETF Shares is 10 shares, and the trading currency is Hong Kong dollars and US dollars; 2. The trading unit of Harvest Bitcoin Spot ETF Shares and Harvest Ethereum Spot ETF Shares is 100 shares, and the trading currency is Hong Kong dollars and US dollars; 3. The trading unit of Huaxia Bitcoin ETF Shares and Huaxia Ethereum ETF Shares is 100 shares, and the trading currency is Hong Kong dollars, US dollars and RMB. The above ETFs are expected to be listed and traded on the Hong Kong Stock Exchange Limited on April 30, 2024, and will be included as eligible securities for the Central Clearing System Multi-Counter (as defined in the general rules of Hong Kong Clearing) on the same day.
3. Foreign media: The key to reviving the Bitcoin bull market is the refinancing announcement issued by the U.S. Treasury on May 1
According to CoinDesk analysis, the key to reviving the Bitcoin bull market is the U.S. Treasury's refinancing announcement. The U.S. Treasury will release a refinancing announcement on May 1, detailing three months of borrowing needs and the balance held in the Treasury's general account. As analysts expect the quarterly refinancing announcement (QRA) released by U.S. Treasury Secretary Janet Yellen next week to ease the pressure on risky assets, the broader upward trend may soon resume. Saxo Bank said that the upcoming QRA may bring relief, and the total quarterly issuance will fall from the peak of $7.2 trillion for the first time in two years. Althea Spinozzi, head of fixed income strategy, said: "The total issuance of U.S. marketable Treasury bonds is expected to fall for the first time since the second quarter of 2022. Therefore, the market's focus will turn to the announcement of the Treasury General Account (TGA) level. If the QRA maintains the TGA target at $750 billion or lower, risk assets may rise. If the TGA remains at the current level of $750 billion or lower, it means no change, or more funds may be released into the economy, thereby boosting economic activity." BitMEX co-founder Arthur Hayes previously released a similar view, saying that the U.S. Treasury will release a quarterly refinancing announcement next week, which is expected to re-accelerate the crypto bull market.
4. Bloomberg: Australia is expected to approve Bitcoin spot ETF this year
According to Bloomberg, following the United States and Hong Kong, Australia will also launch a Bitcoin ETF. According to people familiar with the matter, ASX Ltd., Australia's largest stock exchange, is expected to approve the first batch of Bitcoin spot ETFs listed on the main board by the end of 2024. It is reported that ASX handles about four-fifths of stock transactions in Australia. A spokesperson for Sydney-based BetaShares said in an interview that the company is committed to launching a cryptocurrency ETF on the Australian Stock Exchange. Justin Arzadon, head of digital assets at BetaShares, said the company has reserved ASX stock codes for Bitcoin spot ETFs and Ethereum spot ETFs. Another local company, DigitalX Ltd., said in its half-year performance report in February this year that it had applied for a Bitcoin ETF. VanEck also resubmitted its application in February this year. An ASX spokesperson said the exchange "continues to engage with some issuers interested in launching crypto ETFs" but did not confirm a timeline.
5. China Asset Management purchased $1 billion of insurance for its virtual asset spot ETF, which may reduce the management fee to 0.65%
According to Ming Pao, China Asset Management, Harvest International and Bosera Fund Management, three major Chinese fund companies, were approved by the Hong Kong Securities Regulatory Commission this week to issue one Bitcoin and one Ethereum spot ETF each. According to the product summary, China Asset Management's ETF has the highest annual expense ratio, reaching 1.99%; Harvest and Bosera's ETFs have annual expense ratios of 1% and 0.85% respectively, which are still generally higher than the Bitcoin spot ETFs issued in the United States. It is understood that China Asset Management's high expense ratio partly reflects that the bank has purchased insurance worth a total of US$1 billion for related assets. The management fee cap for the Bitcoin and Ethereum spot ETFs issued by China Asset Management is 0.99% of AUM, and there is an internal assessment that the actual fee can be reduced to 0.65%. Bloomberg ETF analyst James Seyffart believes that Harvest's 6-month management fee exemption and the lowest fees are likely to lead to a fee reduction war among Hong Kong fund companies.
6. BNY Mellon reports holdings in BlackRock and Grayscale’s Bitcoin ETFs in SEC filings
According to Bitcoin Archive, BNY Mellon, the oldest bank in the United States, reported in an SEC filing that it holds Bitcoin ETFs from BlackRock and Grayscale.
7. Huasheng Securities becomes the first batch of virtual asset spot ETF underwriters in Hong Kong
According to PR Newswire, the Hong Kong Stock Exchange recently announced the first batch of virtual asset spot ETFs to be listed, including Harvest Bitcoin Spot ETF (03439.HK), Harvest Ethereum Spot ETF (03179.HK), Hua Xia Bitcoin ETF (03042.HK) and Hua Xia Ethereum ETF (03046.HK). Huasheng Securities has become the underwriter of the first batch of virtual asset spot ETFs and will open product subscription channels for investors. Previously, Huasheng Securities has successfully participated in the issuance of two products, Southern China Asset Management Bitcoin Futures ETF (3066.HK) and Southern China Asset Management Ethereum Futures ETF (3068.HK).
8. Forbes lists 20 "zombie tokens" with a market value of more than $1 billion, including XRP, ETC, EOS, etc.
Forbes published an article listing 20 "zombie tokens" with a market value of more than $1 billion, including: XRP, ADA, BCH, LTC, ICP, ETC, XLM, STX, KAS, THETA, FTM, XMR, AR, ALGO, FLOW, EGLD, BSV, MINA, XTZ, EOS. Forbes defines "zombie tokens" as assets that have little use other than speculative cryptocurrency trading. For example, according to Messari data, XRP's market value is $36 billion, and XRP's network transaction fees last year were only $583,000, which means that XRP's price-to-sales (P/E) ratio is 61,689. In contrast, Nvidia has a market value of more than $2 trillion, annual revenue of $61 billion, and a P/E ratio of only 37 times. In addition, Ethereum Classic (ETC) has a market value of $4.6 billion, but the fees generated in 2023 are less than $41,000. Taking ADA as an example, Forbes believes that the popularity of the token is proportional to the popularity of its founder, Charles Hoskinson, but this is based on a lie. Hoskinson claimed that he dropped out of the mathematics doctoral program at the University of Colorado Boulder, but the school said that Hoskinson was only an undergraduate dropout. For many years, Hoskinson has been hinting that Cardano will work for the Defense Advanced Research Projects Agency, a famous research department of the Department of Defense, but there has been no clear news.
9. US Bitcoin spot ETF outflows 5,176 BTC last week, with net outflows for three consecutive weeks
According to HODL15Capital data monitoring, the U.S. Bitcoin spot ETF had a net outflow of 5,176 BTC in the 16th week, marking the third consecutive week of net outflow.
10. The Financial Supervisory Service of South Korea will publicize virtual currency fraud cases to warn and guide investors
According to the Financial Supervisory Service of South Korea on Monday, it has been operating a reporting center for unfair trading and investment fraud in virtual assets and issuing consumer warnings to guide investors. However, as similar damage cases continue to occur, the agency, together with the Digital Asset Exchange Association (DAXA), has been raising awareness of cryptocurrency investment fraud to prevent investors from being harmed. The Financial Supervisory Service plans to produce various forms of new public service content based on major cases that have been reported so far, publish them on SNS channels, and distribute them to relevant agencies across the country.
11. Analyst: Bitcoin is approaching the starting point of the most radical position in the bull cycle
Technical analyst Tradingshot said Bitcoin is approaching “the beginning of the most aggressive position in the historical bull cycle” and predicted that the cryptocurrency’s price could rise to $300,000, which is a technical prediction because these are the measurements from high to low when the MM (Mayer Multiple) mean is touched.
The article is forwarded from: Jinshi Data
