Hong Kong plans to launch spot Bitcoin ETF

A British computer expert who lost a hard drive containing 7,500 BTC in 2013 has launched legal action asking Newport City Council to allow him to search the landfill where the storage device is believed to be buried.

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The second report from the Government Asset Management Working Group Technical Working Group, published by the UK Investment Association, explores two use cases for fund tokenization, as well as three other areas. Most research on fund tokenization focuses on the tokenization of fund units, but some asset managers are also considering investing funds in tokenized securities, which could lead to composable funds and greater customization. Members of the U.S. House of Representatives wrote to the head of the U.S. Securities and Exchange Commission, requesting clarification on whether ETH is a security. The U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement lawsuit in the U.S. District Court for the Southern District of New York, accusing KuCoin, a centralized digital asset exchange, of repeatedly violating the Commodity Exchange Act (CEA) and CFTC regulations. Tether announced that it will expand its strategic focus to the field of artificial intelligence and is committed to promoting the development of open artificial intelligence. Ark Invest sold $21 million worth of Coinbase shares yesterday. Fund giant Franklin Templeton, which manages more than $1 trillion in assets, launched the BTC/ETH Independently Managed Account (SMA). The SMA will provide investors with a series of risk exposures beyond BTC, but will limit the allocation of BTC and ETH to 25% of the portfolio. Asset management giant BlackRock said that as BTC has begun to gain popularity on Wall Street, its returns may decline.

Grayscale Chief Legal Officer Craig Salm said that there is no need for the market to be pessimistic about the passage of the ETH spot ETF in May because the SEC is delaying in-depth dialogue with issuers about the ETH spot ETF, because relevant issues have already reached consensus on the BTC ETF. , there is no need to discuss it again on the ETH spot ETF. 10x Research officially stated that it will launch a copycat portfolio model for holding positions that can achieve 10 times returns within 6 to 12 months. It will be based on fundamentals such as network usage, total locked value (TVL), and revenue trends. Factors constantly updates positions with the goal of finding coins that will outperform in the medium to long term and start to have exceptional network activity and usage. Bloomberg ETF analyst Rebecca Sin reported that Hong Kong aims to achieve the creation and redemption of spot BTC ETFs in the second quarter. Hong Kong creates ETFs physically, which is completely different from the United States, which only allows the use of cash, that is, "cash in, BTC ETF out", while in Hong Kong it is "BTC in, ETF out", which may be an opportunity for the market. On March 26, BTC spot ETFs had a net inflow of US$418 million, of which Fidelity FBTC had an inflow of US$279.1 million, BlackRock IBIT had an inflow of US$162 million, and Grayscale GBTC had an outflow of US$212.3 million. As of March 25, the market value of BlackRock’s BTC holdings exceeded US$17 billion, continuing to hit a record high. MicroStrategy shares hit an all-time high of $1,909. Total short positions in cryptocurrency concept stocks have increased to nearly $11 billion so far this year, with more than 80% of the short positions concentrated in MicroStrategy and Coinbase. Currently, MicroStrategy’s short positions account for about 20% of its outstanding shares, making it It has become one of the most shorted stocks in the US stock market.

Short-sellers who bet on the decline of the above-mentioned stocks have incurred a cumulative floating loss of US$6 billion. However, they are still increasing their efforts and resolutely shorting. Matrixport stated that BTC has achieved positive returns for seven consecutive months for the second time. Previously, in a similar situation in 2012, BTC fell 10% in the next month, and then achieved positive returns for 6 consecutive months. Galaxy Digital CEO Mike Novogratz said that with the rise in U.S. national debt and the BTC halving, BTCETF approval may accelerate the adoption of cryptocurrency. Regulatory approval has opened up an asset channel of US$80 trillion in the United States. Spot BTCETF has attracted US$11 billion in capital inflows. In the future, The size of the industry will grow significantly every year. The U.S. banking industry has aggressively increased its holdings of U.S. Treasury bonds, with the indicator recording the largest two-week percentage increase since June 2020. Analyst Blake Gwinn said: The Federal Reserve is close to entering an interest rate cut cycle, and it is reasonable for the banking industry to increase its holdings of U.S. Treasury bonds with higher yields. The Fed's spending in 2023 was $114.3 billion higher than its revenue, its largest operating loss ever, and interest expenses nearly tripled to $281.1 billion in 2023, which the Fed said had no impact on the conduct of monetary policy. . On Thursday, the United States announced the core PCE price index for the fourth quarter of 2023, with the previous value of 2.1% and the expected value of 2.1%. The core PCE price index for February was released on Friday, with the previous value of 2.8% and the expected value of 2.8%. Friday's core PCE is more important. Currently, the probability of the Federal Reserve cutting interest rates in May is 12.7%, and the probability of a cumulative interest rate cut of 25 basis points or more in June is 69%. If the inflation indicators on Thursday and Friday are in line with expectations or lower than expectations, the market's optimistic trading for interest rate cuts will continue, which will help the market recover until the first interest rate cut is realized. #BTC