Crypto Market Pulse Weekly – 💸 HK Spot Bitcoin ETFs Saw ~$250M Inflows in 3 Days

Hong Kong Spot Bitcoin ETFs saw US$250M net inflows in 3 days. Morgan Stanley filed with the US SEC to permit exposure to Bitcoin ETFs. Australia is reportedly considering the launch of Bitcoin ETFs.

May 06, 2024
Crypto Market Pulse

Weekly Market Index

All three crypto market indices increased last week. The price index increased slightly by +0.84%. However, the volume and volatility indices increased more drastically, by +20.63% and +135.92% respectively. The volume and volatility increases were mainly led by DOGE, as news reported that Tesla accepted Dogecoin as an official payment method.Bitcoin (BTC) dropped to a near-US$57,000 level mid-week before rallying close to US$64,000 over the weekend. Ether (ETH) showed a similar trajectory and increased to the US$3,150 level over the weekend. The US Federal Reserve (Fed) kept its interest rate target range unchanged at 5.25-5.50% in its 1 May meeting, in line with market expectations. Fed Chairman Jerome Powell said it’s likely to take longer than previously expected to gain confidence in the country’s inflation trajectory before starting rate cuts. On 3 May, the US’s April nonfarm payrolls data came in below market expectations, which boosted optimism for a potential rate cut later this year due to signs of labour market weakness.

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Chart of the Week

Asia’s first Spot Bitcoin and Ether ETFs commenced trading on 30 April in Hong Kong. The total trading volume on the first day for Bitcoin ETFs was $8.5 million, while Ether ETFs saw $2.5 million, lower than the previously expected $100 million. Meanwhile, the Bitcoin and Ether ETFs have garnered a net inflow of 4,220 BTC (~$250 million) and 16,280 ETH (~$49 million) respectively in the three trading days last week.

On the other hand, US Spot Bitcoin ETFs had a week of net outflows totalling $433 million, its fourth consecutive week of net outflows. On 1 May, the ETFs saw their largest day of net outflows, at $564 million, since launch. On the same day, Blackrock’s IBIT also saw its first day of net outflows ($37 million). The Grayscale Bitcoin Trust ETF (GBTC) saw its first daily net inflow of $63 million on 3 May, although weekly net outflow still settled at $277 million last week.

Weekly Performance

BTC increased slightly by +1.8% while ETH dropped by -4.4% in the past seven days. The price action for other selected top market cap tokens were mixed. ATOM led the gains while INJ led the drop.

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Most selected key categories were up in terms of market capitalisation in the past seven days, with the Artificial Intelligence category leading the gain.

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News Highlights

Recent Research Reports

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Catalyst Calendar

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