Bitcoin Drops Back to February Prices
TL;DR
After the Hong Kong BTC ETFs fell flat on their release, BTC began to tumble, eventually breaking comfortably below $60k for the first time since Feb 28.
Full Story
Man, it feels like ‘talking a big game, before falling flat’ is the theme this month.
We saw it with the release of the Humane AI Pin, the Rabbit R1 AI assistant, and now with the launch of the Hong Kong BTC and ETH ETFs.
From everything we read/watched in the lead up to the launch, it felt like there was a consistent narrative being pushed that:
Asian markets gravitate towards higher risk assets more than western markets, so these crypto ETFs should hit the ground running.
There is enough sidelined money waiting to enter these ETFs, that the day one inflows could rival that of the US.
Well. Those narratives lead to a big fat nothing burger.
And it ended up having a much larger effect on the crypto market than we thought it would!
As the ETFs failed to prove themselves during Hong Kong’s trading hours, Bitcoin began to tumble…
Eventually breaking comfortably below $60k for the first time since Feb 28th.
Good news is: as of this writing, BTC has reclaimed the $60k level.
Here’s to hoping that as you read this, the price is sky rocketing as market players take the opportunity to buy up BTC at a discount.
(Taking the rest of the market with it).