Bitcoin
The bitcoin price has rallied 15% since crashing to lows of $56,000 per bitcoin last week thanks to "stealth money printing" that Tesla billionaire Elon Musk thinks could contribute to the U.S. dollar collapsing.
Now, as rumors swirl Wall Street could be about to open the bitcoin ETF floodgates, an insider has claimed Hong Kong's new bitcoin ETFs could be about to be hit by a major earthquake.
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Hong Kong, a special administrative region of China, saw the debut of a handful of spot bitcoin and ... [+]
"I just got back from Hong Kong. There is talk that the [bitcoin and ethereum] ETF could be added to stock connect," Richard Byworth, managing partner at SyzCapital, posted to X. "The implications for this are absolutely enormous, basically means mainland [China] money can buy it."
Stock Connect is a link between China's mainland markets and the Hong Kong Stock Exchange, allowing qualified investors from one market to access eligible shares in another market with a set quota.
Byworth was replying to Samson Mow, the former chief strategy officer at bitcoin development company Blockstream who worked with El Salvador on its bitcoin adoption, who posted, "I think you guys should be a little more bullish," and pointing to a report that Hong Kong's "ChinaAMC spot bitcoin ETF in Hong Kong took in $121 million on first trading day."
Last week, the Hong Kong units of Bosera Asset Management, Harvest Global Investments and China Asset Management (ChinaAMC) each launched two ETFs tracking bitcoin and ethereum prices.
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The bitcoin price has rocketed higher over the last year, eclipsing its previous all-time high and ... [+]
Despite the well-hyped launch of the funds, their debut was deemed "lukewarm" and fell far short of the $4.6 billion recorded in the first trading day of Wall Street's spot bitcoin ETFs in January.
"On one hand, you can argue that the overall interest in crypto is higher in Asia, so there should be many more investors interested in these spot ETFs," Anthony Pompliano, the founder of Pomp Investments, wrote in his email newsletter.
"On the other hand, you could argue that the higher amount of Asian users means that people in the region have already allocated to the native assets, therefore leading to less interest in the publicly traded funds."
