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Recently, Hong Kong saw a significant influx of assets on Day One of trading, totaling $292 million. This surpasses initial predictions and shows a strong interest in Ether ETFs, which captured 15% of the market share. Interestingly, the size of the ETFs seemed to be more attractive to investors than lower fees.
Specifically, ChinaAMC Bitcoin ETF (3042 HK) received net inflows of $124 million, Harvest Bitcoin Spot ETF (3439 HK) had $63 million in net inflows, and Bosera Hashkey Bitcoin ETF (3008 HK) recorded $61 million in net inflows.
As we look ahead to potential market influences, the US Jobs Report and ISM Services PMI could impact investor sentiment regarding a September Fed rate cut. Weak data could lead to increased demand for US BTC-spot ETFs and drive interest in HK spot ETFs.
In terms of technical analysis, Bitcoin (BTC) is currently below the 50-day EMA but holding above the 200-day EMA. This signals a bearish near-term outlook but a bullish longer-term trend. A break above the $60,365 resistance level could spark a move towards the 50-day EMA and $64,000 resistance level. Conversely, a drop below $55,000 could signal a decline to the $52,884 support level.
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