Bitcoin Bounces Back After Weekend Price Crash
The bitcoin price has climbed to around $66,000 per BTC after dropping toward $60,000 on Saturday. In recent months, a fleet of new Wall Street spot BTC exchange-traded funds (ETFs) have turbo-charged the BTC price amid predictions of a “rapid, cataclysmic” U.S. dollar collapse.
Now, after a top Federal Reserve official issued a stark inflation warning, multiple financial giants in Hong Kong appeared to leak the news the Securities and Futures Commission (SFC) had approved them spot bitcoin and ethereum ETFs.
Competition Between Hong Kong and New York for Crypto Inflows
China Asset Management, Bosera Capital, HashKey Capital, and Harvest Global have announced they had been approved to list spot bitcoin and ethereum ETFs in Hong Kong. However, there has not been an official announcement from the SFC, and some of the social media posts from the financial giants have since been deleted.
The leaks have already led to expectations among crypto investors that the U.S. and Hong Kong will compete for crypto inflows into their respective funds. Alistair Milne, Altana Digital Currency Fund’s chief investment officer, noted that it is now a fight for capital between Hong Kong and New York to flow into their BTC ETFs.
Wall Street Giants Enter the Bitcoin ETF Space
The fleet of new spot BTC ETFs approved by the U.S. Securities and Exchange Commission (SEC) in January have attracted over $50 billion in assets under management as investors rushed to get BTC exposure following a decade of application rejections. Wall Street giants BlackRock and Fidelity have emerged as the two largest of the new bitcoin ETF issuers, raking in assets under management of around $15 billion and $9 billion respectively.
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