OSL chairman of the board and CEO Patrick Pan said in a statement that the approval of the crypto ETFs in Hong Kong is seen as a “major enhancement” for the country’s financial economy.
BNY Mellon filed form 13F-HR on April 25 with the US SEC and disclosed that it holds shares of GBTC and IBIT.
The much-anticipated Bitcoin halving event on April 20 was expected to trigger a price surge but failed to deliver the anticipated impact. Instead, Bitcoin saw a subsequent 15% drop.
The US SEC must decide on VanEck’s and ARK’s spot Ethereum ETF filings by May 23 and May 24 respectively.
April 24 marked the first-day IBIT experienced zero inflows, concluding its remarkable streak of positive trend.
The launch of the ETFs next week in Hong Kong will likely draw comparisons with the three-month-old US Bitcoin funds, which have already made a significant impact on Wall Street.
In an attempt to reverse its fortunes, Grayscale revealed its plan to launch an innovative low-cost version of its GBTC fund named “Grayscale Bitcoin Mini Trust” with just 0.15% fees.
Despite some optimism that China’s crypto restrictions will not extend to ETFs, Bloomberg senior ETF analyst Eric Balchunas stated that it is highly unlikely to happen.
Despite recent outflows from Bitcoin ETFs, analyst Eric Balchunas says it’s only 1% of total inflows and calls it “minuscule” in the bigger picture.
The recent sight of ETF outflow aligns with Bitcoin’s downward trajectory. The cryptocurrency lost 13% of its worth over the past week.