Bitcoin News Update: Hong Kong ETF Inflows Offset US Outflows Ahead of US Jobs Report

Are you interested in the latest news and trends in the stock market? Look no further than Extreme Investor Network for all your trading needs. Our experts have compiled valuable data and analysis that will keep you informed and ahead of the curve.

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.

Related:  Midday Stock Market Update: Significant movements in SMCI, SBUX, and PFE

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.

Related:  BlackRock selects Citi, Goldman Sachs and other firms to be Authorized Participants for Bitcoin ETFs

Stay informed with Extreme Investor Network for all the latest updates on the stock market, trading strategies, and Wall Street insights. Our unique analysis and expert opinions will keep you ahead of the game in the world of investing.

Source link