Bitcoin ETF

Spot

Reversal

Yong Rong Asset Management, a major asset management firm based in Hong Kong, has made a significant investment in the Bitcoin Spot ETF, according to Bloomberg ETF analyst Eric Balchunas. The firm purchased $38 million worth of the IBIT Bitcoin Spot ETF, which now accounts for 12% of its reported assets.
The move is particularly notable considering Hong Kong has its own ETFs, according to Balchunas. However, with their irresistible combination of low fees and high volume, U.S. ETFs continue to attract international investors.
According to Balchunas, Yong Rong's portfolio is diverse, with his top four holdings consisting of Nvidia, Meta, Tesla and Bitcoin. While Yong Rong's single $30 million ETF investment in IBIT is significant, another Hong Kong firm, Ovata, owns four of the spot BTC ETFs with a total value of $74 million, making it the largest total investor to date .
Related News: <a href="https://en.bitcoinsistemi.com/veteran-analyst-speaks-out-on-cardano-ada-can-ada-price-bounce-back-trend-reversal-seen/" target="_blank" rel="noopener noreferrer nofollow">Veteran Analyst Speaks Out on Cardano (ADA) - Can ADA Price Bounce Back? - "Trend Reversal Seen"</a>
The total trading volume of six Hong Kong spot ETFs for virtual assets was HK$48.91 million, or approximately US$6.26 million, as of the close on May 3. Among them, the trading volume of Bitcoin ETF was 43.41 million Hong Kong dollars, while the trading volume of Ethereum ETF was 5.5 million Hong Kong dollars. In comparison, trading volume for 11 US Bitcoin spot ETFs on May 2 was a staggering $1.72 billion.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/hong-kong-asset-management-company-takes-huge-bitcoin-btc-move/" rel="noopener noreferrer nofollow">Hong Kong Asset Management Company Takes Huge Bitcoin (BTC) Move</a>

Hong Kong Asset Management Company Takes Huge Bitcoin (BTC) Move

Bitcoin Sistemi EN

Altri articoli pubblicati su 4 mag 2024

Must Have Coins in the Market Dip: Top Cryptos That Will Likely Turn Your Little Investment Into ...

Bitfinex Denies FSOCIETY Hack: Update

Madfinger Games Introduces Faction Change Option in Gray Zone Warfare

Bitcoin’s road to $65,000 – Here’s what needs to happen for that price target

5 Best Cheap Crypto to Buy Now Under 1 Cent May 4

Vodafone Advances Crypto Wallet Integration

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!