Commentators are suggesting that the potential approval of the first set of Bitcoin exchange-traded funds (ETFs) in Hong Kong could have a significant impact on Bitcoin’s halving rally. The Securities Regulatory Commission of Hong Kong (SFC) is reportedly expediting the approval process for four spot Bitcoin ETFs, with the potential approval expected to attract more buying demand for Bitcoin from both retail and institutional investors in Hong Kong. According to crypto entrepreneur Lark Davis, the Hong Kong regulator could approve both Bitcoin and Ether ETFs on April 15. The approval of these ETFs could serve as a catalyst for Bitcoin’s post-halving rally, according to Herbert Sim, COO of crypto exchange Websea. Sim believes that the addition of Hong Kong-based ETFs will further contribute to the institutional demand and inflows generated by large US ETF issuers like BlackRock. Additionally, popular crypto commentator Bitcoin Munger suggests that large investors holding at least 10,000 BTC are accumulating Bitcoin in anticipation of the potential approval. ETF inflows have played a significant role in driving Bitcoin’s price rally, accounting for about 75% of new investments when Bitcoin surpassed the $50,000 mark, according to CryptoQuant research. The price action of Bitcoin has shown a close correlation with net Bitcoin ETF inflows, as highlighted by Thomas Fahrer, co-founder of Apollo. It’s important to note that this article does not provide investment advice, and readers should conduct their own research before making any investment decisions.
Will the launch of Bitcoin ETFs in Hong Kong ignite the halving rally as China prepares to initiate bidding?