6 Hong Kong ETFs have officially launched, with a total trading volume of nearly 50 million Hong Kong dollars in the morning market. However, the initial scale of Huaxia Bitcoin and Ethereum ETFs exceeded 1.1 billion Hong Kong dollars. Huaxia, Bosera, and Jiashi virtual asset spot ETFs all listed below the issue price. BTC fell to around 64500 in the morning and this positive news did not support the BTC market, which fell again after a few hours.
The impact of Hong Kong spot ETFs on the market is not significant. You can go back and look at the early Hong Kong futures ETFs. The assets of the Southern Dongying Bitcoin Futures ETF have grown fivefold since October last year, slightly exceeding 100 million US dollars. This, this, this… is only 100 million US dollars.
As long as there is a outflow in the U.S. ETF market, it will fall uncontrollably. We have been reminding everyone to pay attention to this. On April 27th, BlackRock's IBIT71-day buying trend ended, and Grayscale has never stopped selling. Inflows are lower than outflows, making it difficult to maintain the market.
Bitcoin
Bitcoin broke through the downtrend channel on the 4-hour chart and quickly fell back, also affected by the Hong Kong ETF, but it was not expected to be so weak. The daily chart touched MA20 and fell, and the MACD showed a double bottom divergence, indicating a short-term demand for a rebound. However, the rebound strength in the market is not good. In this situation, we must be vigilant. If the signal to rise does not rise, once it turns bearish, it will lead to a major decline.
For four consecutive days, the price has been fluctuating around 63000. The longer it drags on, the more dangerous it becomes. The price must reclaim above 64500-67300 to be bullish.
Support:
Resistance:
Ethereum
The daily chart has moved within the ascending channel, paying attention to changes in the channel. OBV shows that funds are still flowing out, and the MACD bottom divergence rebounds near 3300 under pressure.
On the 4-hour chart, it is also running within the channel. For this short-term rebound, it is recommended to buy near the bottom support for a small rebound. The big market has not arrived yet, so we can only continue to wait.
The ETH/BTC exchange rate has fallen back to around 0.05, with a potential bottom divergence on the weekly chart, and it is currently bottoming out.
Support:
Resistance:
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