Is Hong Kong Bitcoin ETF Responsible for Recent Bear

[Aanuoluwatofunmi]

Bitcoin ETF was approved officially in Hong Kong and it's trading has already kick started as Bitcoin Spot ETF https://www.nasdaq.com/articles/spot-bitcoin-etfs-commence-trading-in-hong-kong

Let's dive back on the memory lane, Bitcoin spot ETF was approved by SEC in US and immediately this happens, the market plummet and thereafter we continue to experience a bull market till where we are today, could these recent bear be attributed to the bitcoin ETF approval in Hong Kong as part of the economic developments and incidence of flash news effect on bitcoin market price, we should never forget that we are still on the bull season despite all these.

[Oshosondy]

Hong Kong bitcoin ETF approval is not the reason for the bear market. I can remember United States said Israel fired some missiles to Iran and the market went below $60000 again at the time like two or more weeks ago. Not quite after that Hong Kong approved bitcoin ETF. The price of bitcoin moved back above $60000 and got to almost $67000 before this bear market started. I think the bear market is just how the market wants to be normally.

[Odohu]

Bitcoin ETF was approved officially in Hong Kong and it's trading has already kick started as Bitcoin Spot ETF https://www.nasdaq.com/articles/spot-bitcoin-etfs-commence-trading-in-hong-kong

Let's dive back on the memory lane, Bitcoin spot ETF was approved by SEC in US and immediately this happens, the market plummet and thereafter we continue to experience a bull market till where we are today, could these recent bear be attributed to the bitcoin ETF approval in Hong Kong as part of the economic developments and incidence of flash news effect on bitcoin market price, we should never forget that we are still on the bull season despite all these.

Nice observation I must say because it might not just be a coincidence that market is dumping just after such a supposed positive news. In my humble opinion, the present dump is the least I expected from market now considering that Bitcoin halving just happened, following by Hong  Kong Bitcoin ETF approval and that of Australia on the pipeline.  What even the reason might be, I have the feeling the drop in price will not tarry. Its just to hold while we wait it out, after all  losses only happen when one sells.

[OgNasty]

I don’t see how. It wasn’t a situation like here in the US where GBTC started selling BTC with outflows once ETFs were approved. In Hong Kong they were starting at 0 so I would assume the effects of them buying BTC would have a purely positive effect on the market.  This is more likely just a normal correction following a block reward halving.

[TravelMug]

Bitcoin ETF was approved officially in Hong Kong and it's trading has already kick started as Bitcoin Spot ETF https://www.nasdaq.com/articles/spot-bitcoin-etfs-commence-trading-in-hong-kong

Let's dive back on the memory lane, Bitcoin spot ETF was approved by SEC in US and immediately this happens, the market plummet and thereafter we continue to experience a bull market till where we are today, could these recent bear be attributed to the bitcoin ETF approval in Hong Kong as part of the economic developments and incidence of flash news effect on bitcoin market price, we should never forget that we are still on the bull season despite all these.

It's really hard to see the relationship, but in any case, the volume just ceases to exist in the US as well, so for me it's not the only reason for the price to go below $60k right now. There could be some individuals who are manipulating the price or just trying to create negativity by selling some and newbie traders seeing that huge sell order and they panic and sell. But in any case if your observation is true, then after this downside, in the next couple of months we should see the price going up again and maybe  we could reach at least $80k next quarter.

[Aanuoluwatofunmi]

Hong Kong bitcoin ETF approval is not the reason for the bear market. I can remember United States said Israel fired some missiles to Iran and the market went below $60000 again at the time like two or more weeks ago. Not quite after that Hong Kong approved bitcoin ETF. The price of bitcoin moved back above $60000 and got to almost $67000 before this bear market started. I think the bear market is just how the market wants to be normally.

I got your point here, what I meant was base on this recent experience with the market price which was all that just transpired between yesterday and today, following the news, the Hong Kong government just officially made the announcement yesterday to recognized Bitcoin ETF as approved, this make the market between that same yesterday to the early hours of today to fall below $60,000, while the one you're having in consideration was from the initial fall from $70,000 below as a result of the Israel attack from Iran.

[Kelward]

One of the influencers of Bitcoin price is global news, and this perticular Hong Kong, ETF news is directly on Bitcoin, so I think that the ETF will have an impact in the further dip in Bitcoin price, whether it's minimal or majorly. The first ETF caused a major price surge where we saw an ATH before halving, now we're seeing a dip during this recent ETF, so some of us will not know the extent of this ETF to the present price dip, all we can do is speculate.

As TravelMug, have noted, it could be that some whales might be manipulating the market by selling and causing this dip, inexperienced investors will panic and sale too, and it'll cause further dip and the whales will buy it all.

[stompix]

Let's dive back on the memory lane, Bitcoin spot ETF was approved by SEC in US and immediately this happens, the market plummet

The US ETFs are the only reasons we are still at 58k as we speak, the approval by the US is what triggered this bull run, nothing else, what you see now is profit taking and lower and lower cash inflow into them.As for Hong Kong ETF, nobody cares, it's just a shady one in a controlled economy with clear requirements and restraints, no wonder the volume was 12 million compared to $4.6 billion in the US.

If you think they are the cause for it just think of what will happen if Blackrock decides to quit, we will visit 20k in an instant.

I got your point here, what I meant was base on this recent experience with the market price which was all that just transpired between yesterday and today, following the news, the Hong Kong government just officially made the announcement yesterday to recognized Bitcoin ETF as approved, t

It happened two weeks ago:
https://www.cnbc.com/2024/04/15/hong-kong-regulators-approve-spot-bitcoin-and-ether-etfs-.html

[Maus0728]

Only thing I can say about this is that it's really weird that this is what's happening when ETF approval is supposed to be a good thing for the bitcoin market so I don't know if it's because of the Hongkong ETF that's lead to this, it's not a negative factor for the market right? So how come it's the cause of the decline in prices? @TravelMug might be right, this is a whale move to make sure that they're making the most money as much as possible, I just hope that retail investors don't end up having to get taken away by the waves created by these whales.

[uneng]

Bitcoin sinks to $57,000 to start May as investors brace for Fed rate decision

The central bank is widely expected to hold interest rates steady, according to fed funds futures pricing data.

Investors are looking for clues from Fed Chair Jerome Powell on what needs to happen before rates can come down.

It really seems the most powerful factor influencing Bitcoin's price right is the US economical policy which is still uncertain. Like we have seen previously already, interest rates by FED have to decrease in order to have Bitcoin's demand rising, and consequently its price.

Bitcoin investors expect a strong recovery in the cryptocurrency later this year, but say its price could continue to chop for the next few weeks given macro and geopolitical pressures.

Expectations are still good between 2024-2025 for Bitcoin, though. It's not hard to find predictions pointing Bitcoin is going to hit 150,000$ by next year. The problem is that there is a lot of bad things happening worldwidely which only contributes to the crashes in Bitcoin's price we are seeing.

Actually, I'm pretty sure that these bad things aren't going to cease anytime soon. The tendency is that conflicts and economical issues go further. So investors will have to inevitably rise the demand for Bitcoin at some point, while disregarding all the shit happening meanwhile.

Otherwise, there will be always a runaround or another to justify why Bitcoin isn't doing well...

[bittraffic]

Only thing I can say about this is that it's really weird that this is what's happening when ETF approval is supposed to be a good thing for the bitcoin market so I don't know if it's because of the Hongkong ETF that's lead to this, it's not a negative factor for the market right? So how come it's the cause of the decline in prices? @TravelMug might be right, this is a whale move to make sure that they're making the most money as much as possible, I just hope that retail investors don't end up having to get taken away by the waves created by these whales.

It seems to be the pattern because, during the start of US Bitcoin ETF trading, the prices are also taking a dive. HongKong ETF trading day also triggers the same effect. If another ETF is approved too soon with the same effect, all I can say is that its the pattern that is being planned which is most probably played by the traditional institutions trying to allow institutional traders to buy at discount prices.

[Woodie]

Usually something has significant as an ETF approval should excite the markets and bring with it positive price moves, but because this could be an opportunity for some to sell high now as there is a market from Asia buying heavily, the US markets and other whales could be selling and will buy for cheap when the price takes and get more profits in no time as they know price will rebound after this setback!!

So in some way I think the the "Hong Kong Bitcoin ETF" is very much responsible here!!!

[Frankolala]

The price correction is a norm when it comes to bitcoin price movement, especially now that the halving event is over. I believe that what happened in 2017, is what we are seeing here, when after the halving, the price of bitcoin dips before it pumps again.

Hong Kong bitcoin ETF approval is not the cause but just nature taking place with the way bitcoin was designed to be volatile. The current dip should be an advantage for us to buy more Bitcoin and stop worrying about what caused the dump, because in bitcoin when there is a pump or dump people relates it to an event that is happening or that just occurred, which is not true in most cases. The dump is to help the price of bitcoin go higher than the highest price which we saw as 73k before the halving.

[Aanuoluwatofunmi]

Usually something has significant as an ETF approval should excite the markets and bring with it positive price moves, but because this could be an opportunity for some to sell high now as there is a market from Asia buying heavily, the US markets and other whales could be selling and will buy for cheap when the price takes and get more profits in no time as they know price will rebound after this setback!!

So in some way I think the the "Hong Kong Bitcoin ETF" is very much responsible here!!!

The price correction is a norm when it comes to bitcoin price movement, especially now that the halving event is over. I believe that what happened in 2017, is what we are seeing here, when after the halving, the price of bitcoin dips before it pumps again.

I think I have to go with the two opinions here along with other relevant ones from members already contributed concerning this discussion, I may not have to quote as many as possible, but the idea others have contributed should be found inclusive under the same idea from this two highlights I've quoted from other members, the first is on the reason for having a post halving effect on bitcoin price, while the second is about the even of hearing a breaking economical news, you could understand these the moments we heard about the strike from Iran to Israel, the market quickly went down, now regarding Hong Kong Bitcoin ETF breaking news, it goes more bearish, all these doesn't mean that we can not still experience the continuation of bullrun along the month of May to a new all time high with bitcoin.

[adaseb]

No I think it’s just a coincidence. The market rallied up until the etf launched and right after it started to dump. The market has been weak for many weeks and the $60K support was going to break one way or another.

The US etf dumped because people were expecting a sell the news event like the prior 3 events which led to market tops. The Bitcoin futures, Coinbase ipo and bitcoin futures etf launches. People just took profits because they knew it might of been a top,  but this time they were wrong.

[edward500]

The price correction is a norm when it comes to bitcoin price movement, especially now that the halving event is over. I believe that what happened in 2017, is what we are seeing here, when after the halving, the price of bitcoin dips before it pumps again.

Hong Kong bitcoin ETF approval is not the cause but just nature taking place with the way bitcoin was designed to be volatile. The current dip should be an advantage for us to buy more Bitcoin and stop worrying about what caused the dump, because in bitcoin when there is a pump or dump people relates it to an event that is happening or that just occurred, which is not true in most cases. The dump is to help the price of bitcoin go higher than the highest price which we saw as 73k before the halving.

These are very good points, and I agree with them.

As I am becoming more and more experienced with trading as I have been doing it for over 5 years now and mostly in the stock market. I started to just buy more bitcoin into this dip because I feel it is just a normal dip that is needed before we go higher.

It also seems normal after a bit event, like the ETF's, the halving, that bitcoin always drops after those events, but it should come back with an even higher price.

[rodskee]

I don’t see how. It wasn’t a situation like here in the US where GBTC started selling BTC with outflows once ETFs were approved. In Hong Kong they were starting at 0 so I would assume the effects of them buying BTC would have a purely positive effect on the market.  This is more likely just a normal correction following a block reward halving.

Same as what i do believe , because we did not happen to see that dumping before the
Halving instead we experienced a breaking of ATH which means this is the scenario that normally
happen every halving season its just the effect is delayed yet i think we will see this going above
again in the coming days or week when the bull market starts spiking like what we have observed
in the past halving.

[tabas]

I've made the thread about this topic when the news was new. But I don't think that they have something to do with the current correction that we're experiencing. It's because the volume for the first day of it was too low.

HONG KONG BITCOIN ETFS RECORD $8.5 MILLION IN FIRST DAY VOLUME

With what people are telling about US ETF, I guess this also added to the plunge done by the FED[1]. Because every time there's a news related to them, there's always the market reaction.

[1] Fed meeting recap: Powell pretty much rules out a hike as the central bank’s next move

[Iranus]

Hong Kong bitcoin ETF approval is not the reason for the bear market. I can remember United States said Israel fired some missiles to Iran and the market went below $60000 again at the time like two or more weeks ago. Not quite after that Hong Kong approved bitcoin ETF. The price of bitcoin moved back above $60000 and got to almost $67000 before this bear market started. I think the bear market is just how the market wants to be normally.

I got your point here, what I meant was base on this recent experience with the market price which was all that just transpired between yesterday and today, following the news, the Hong Kong government just officially made the announcement yesterday to recognized Bitcoin ETF as approved, this make the market between that same yesterday to the early hours of today to fall below $60,000, while the one you're having in consideration was from the initial fall from $70,000 below as a result of the Israel attack from Iran.

Although macro news can impact the market, things don't always work out that way. I don't see any impact from the war between Iran and Israel on the market since the war broke out, it's all just our imagination.

Let's accept the fact that large funds and investment organizations also need profits and this is the financial market. After a long time, bitcoin ETFs continued to buy bitcoin in large quantities every day, and it is understandable that they began to take profits, causing the market to plummet.
With continuous negative cash flows for many consecutive days from bitcoin ETFs, it is not too difficult to understand why bitcoin prices are falling and we do not need to blame the war or anything. No financial market can increase vertically, if there is an increase there will be a decrease and we have had 7 consecutive months of growth and correction is inevitable.

[Lucius]

Hong Kong's total ETFs market is worth about $50 billion, which is very small compared to the US ETFs market, which is estimated at slightly less than $9 trillion. The amount of money and the number of investors in HK therefore could not have any significant impact on the price of BTC, with the fact that mainland Chinese cannot invest in that ETF.

The story was sold for weeks as "the next big thing", and realistically few mentioned that Hong Kong and China are not the same thing when it comes to investing really large amounts of money in anything. Maybe that's why China allowed such an ETF to be approved, because interest in it will probably be quite low, and money control will still be at a high level.