Bitcoin

James

May is expected to be another big month full of price fluctuation and rallies for the biggest of the cryptocurrencies. Hong Kong has officially waved the green flag for the launch of <a href="https://news.todayq.com/bitcoin-etf-inflow-and-outflow-what-is-it-and-its-importance/" rel="noopener noreferrer nofollow">exchange-traded funds</a> (ETFs) for Bitcoin and Ethereum. This can turn out to be another bullish moment for the digital assets market.&nbsp; Bitcoin set to gain momentum? 
Eric Balchunas, a senior Bloomberg ETF analyst confirmed that these ETFs will begin trading from April 30. While, another Bloomberg ETF analyst, James Seyffart anticipates a potential fee war coming up in Hong Kong. This can be easily reflected in the competitive dynamics seen in the US ETF space.
According to reports, Hong Kong’s ETF issuers reveal the varying fee structure for their Bitcoin and Ether offerings. It highlighted that ChinaAMC has set its fees at 0.99%. However, Harvest is adopting a unique strategy by initially offering a 0% management fee but will later transition to 0.3% after the first six months. While Bosera decided to go on with a 0.60% management fee.
It is important to note the approval over the spot BTC ETFs given by the US Securities and Exchange Commission (SEC) proved to be a major moment for the crypto industry and particularly for Bitcoin. However, a decision on the assent of Ether linked ETF is still pending with the authority. BTC after gaining approval in the US 
In October 2023, Bitcoin price began to pump from the $28k level over an anticipation of ETF approval. BTC price was trading around the price level of $48,000 when the SEC gave it a green flag. This turned out to be a major turning event for the biggest digital asset.
After gaining approval, Bitcoin price went on to hit a new all time (ATH) of $73,750 in mid March. It is expected that ETF trading in Hong Kong will bring in a new wave of optimism and flow in the crypto market.
Bitcoin is trading at an average price of $64,835, at the press time. The original crypto has gained more than 65% over the last 90 days. However, it is still down by 11% from its ATH.
The news also suggests positive momentum in ETF inflows. Balchunas highlighted that the inflow streak for $IBIT has now reached 71 days, placing it in the top 10 all-time, surpassing notable ETFs like $JETS, $BND, and $VEA.

May the Bull Run be with Bitcoin, ETF fever hits Hong Kong

Todayq News

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