BTC price losses spark mass liquidations in a run toward $60,000 support — Bitcoin futures see shorting.
turned firmly bearish as it emerged that the first day’s trading volumes for Hong Kong’s new Bitcoin ETFs had fallen considerably below expectations.
The new products managed $12.4 million — still impressive for the size of the local market, per Bloomberg Intelligence analyst, Eric Balchunas.“East vs West: The US did $740m in assets and $4.6b in trading. These are far below that but if you adjust for the size of their mkt it is dif story: equiv of $25b+ and $1.6b, respectively,” one post read.Hong Kong Bitcoin spot ETF data.
Balchunas additionally noted that the timing of the Hong Kong launch would contribute to overall spot ETF flows at a time when U.S. volumes had turned “slightly negative.”Worst month since 2022 bear market? 5 things to know in Bitcoin this week “The 50-day EMA stands as potential support, while the $60k level seems like robust bottom for the current consolidation range, extending up to $74k,” Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode,“With the market favoring a 'buy on the dip' approach, bullish sentiment persists. However, a breach of the $60k support may lead to further stability at the $52k level, historically attracting buyers and reinforcing the uptrend.
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