Bitcoin’s new blood

08.04.2024

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Hong Kong funds are stepping up advertising campaigns for spot Bitcoin ETFs, attracting the attention of Chinese investors. Bloomberg Intelligence predicts possible capital inflows through the creation and redemption of these ETFs. Hong Kong’s Securities and Futures Commission (SFC) is expected to approve the funds in the second quarter.

Harvest Global and Venture Smart Financial Holdings have filed applications to launch spot Bitcoin ETFs, pending SFC approval. Bloomberg Intelligence analyst Rebecca Sin believes approval is only a matter of time. She also notes that the SFC may allow ETFs to be redeemed in kind, as opposed to the US cash-only approach.

The Asian crypto market is ahead of the American market in terms of volume, which may indicate a wider spread of crypto assets in the region. An ETF listing in Hong Kong could be a magnet for significant investment.

Even a small participation of Chinese investors in legitimate Bitcoin investments can have a significant impact on the cryptocurrency market. ONEBID offers a unique opportunity to earn money on more than 20 leading coins with minimal fees and no restrictions.

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