GM friends.
If Reuters is on point, then we might be due for a very unexpected bitcoin pump this next week! Our hopes are based on your competence, traditional media!
So pour that coffee, and have a chair. Here comes your mid-week crypto update. ☕️📰
Here’s what’s in today’s issue:
- David shares his thoughts on the Hong Kong ETFs likely being approved next week, the BTC halving potentially being a sell the news event, USA ETH ETFs might be rejected, EigenLayer launching & Sui has a portable gaming device.
- Rekt Capital has the latest technical analysis for you on the market.
- Erik has an article on the top signals for a crypto bull market.
- In case you missed it by Rebecca.
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Hong Kong ETFs “Likely” to be Approved Next Week
Hold onto your butts people.
On Wednesday, Reuters reported that the first Hong Kong spot Bitcoin ETFs will “likely” be approved this next week. The news outlet bases this claim on two unnamed sources “familiar with the matter.”
According to Reuters, the sources further claim that Hong Kong regulators have sped up the approval process, and that if the approvals do soon occur, then we could see the ETFs start trading in April.
Apparently, Hong Kong’s Securities and Futures Commission (SFC) is sitting on four active applications from the following firms: China Asset Management, Harvest Fund Management, Bosera Asset Management, and a joint application from VSFG and Value Partners.
The first three firms are mainland Chinese companies with branches located in Hong Kong, and VSFG and Value Partners were founded in the city.
We’ve been talking for a while now about the tsunami of money that could flow into these ETFs. Part of the reasoning here is that there’s pent-up demand for mainland Chinese money to find its way into crypto. And that’s because crypto trading in China is illegal. However, Chinese financial firms that have branches in Hong Kong – like the ones mentioned above – are permitted to trade crypto. So the idea here is these companies could serve as bridges that move mainland Chinese money into the Hong Kong ETFs.
China Asset Management, Harvest Fund Management, and Bosera have $271 billion, $230 billion, and $231 billion (USD) in assets under management, respectively.
Reuters’ sources said they were not authorized to speak on the matter, and they declined to be identified. And so far no one from the SFC or the companies have made any public statements in response to this news.
Will the Bitcoin Halving be a Short-Term Sell the News Event?
According to Arthur Hayes and analysts at Steno Research . . . probably.
On Monday, BitMEX co-founder Arthur Hayes dropped a new blog post where he argued that there’s a decent chance we see bitcoin and crypto prices drop in the short-term before and after the halving. Hayes had two reasons.
First, he thinks the halving will be a classic “sell the news” event given that “the narrative of the halving being positive for…
