Hong Kong Spot Bitcoin and Ethereum ETFs to Begin Trading on April 30
Spot Bitcoin and Ethereum ETFs approved in Hong Kong will begin trading on April 30. We see that there are 3 options for Bitcoin and Ethereum ETFs. Exporting companies are ChinaAMC, Harvest and Bosera. Management fees are determined as 0.99%, 0.3% and 0.6%.
$120 Million Exit from Spot Bitcoin ETFs
When we examine the data dated April 24, we see that there was an outflow of $ 120 million from spot Bitcoin ETFs. When evaluated on an ETF basis, as always, GBTC ranks first among outflows with $130 million. On the inflow side, a total inflow of 10 million dollars was made only in the funds of Fidelity and Ark Invest. There was no entry or exit in the other eight funds.
Meta Loses 15% Due to High AI and Metaverse Spending
Metaverse shares are down 15% in after-market trading following a weak outlook for Q2 earnings and plans to ‘aggressively’ increase AI spending this year, while the Metaverse division is expected to continue making losses. The firm’s finance chief, Susan Li, said that according to the first quarter results announced on April 24, revenue expectations for the second quarter were between $36.5 billion and $39 billion, below Wall Street’s expectation of $38.3 billion.
KPMG: Institutional Adoption of Cryptos on the Rise in Canada
According to a recent survey by KPMG in Canada, there has been a significant increase in crypto usage in the financial sector in Canada in 2023. Financial firms offering crypto products and services have increased by 22% since 2021, while institutional investors who have included crypto in their portfolios have increased by 26% in the same period.
This Isn’t the First Entry into BlackRock’s Spot Bitcoin ETF
IBIT had seen a rapid influx of investment since the launch of Bitcoin ETFs in the US. Since its launch, IBIT has raised approximately $15.5 billion in just 71 days. However, on April 24, BlackRock’s IBIT experienced no inflows for the first time.
Bitcoin Runes Transactions Take Over BRC-20
According to the Dune report, Rune accounted for 81% of Bitcoin blockchain activity on Tuesday. Bitcoin transactions accounted for 19% of the total, while BRC-20 tokens and Ordinals were lower at 0.2% and 0.1%. According to the Dune dashboard, 750,428 Rune transactions took place on Tuesday, followed by 174,475 BTC transactions. In terms of fees, Runes accounted for 64% of total transactions on Tuesday, representing approximately $133 million, equivalent to 2,075 BTC.
The Number of Wallets Holding At Least 1000 Dollars of Bitcoin Is Increasing
According to a report published by Fidelity Digital Assets, it was emphasized that the number of Bitcoin addresses containing at least $ 1,000 worth of BTC has increased. The number of these addresses reached a record high of 10.6 million in mid-March 2024, a 100% increase from 2023. The report also provides an overall positive outlook for Bitcoin while covering various indicators, but includes notes on potential sell-offs and concerns about more addresses becoming profitable. Additionally, the report notes that there is a downward trend in the amount of Bitcoin held on exchanges, indicating a shift towards self-custody solutions.
Bitcoin Miners’ Income Remains Stable
The bulk of miners’ earnings dropped by 50% in one day. In the previous halving event, i.e. in 2020, the 7-day moving average of total miner revenue fell from $18.3 million on May 10 to only $8.44 million on May 18. This time, the miners seem to have escaped this situation. April 20th was the highest miner revenue ever recorded. While revenue from the block reward dropped from $60 million on April 19 to $26 million the next day, transaction fees rose to $80 million on Saturday as Runes excitement increased block demand. Transaction fees calmed down a bit on April 21 and stood at around $22 million.
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BITCOIN (BTC)
As of the morning hours, BTC is priced at $64,233 with a 0.10% loss of value. There is a horizontal band between $72,800 and $60,800. There was no close below $60,800. The middle region of the horizontal band, $67,000, is a critical area, and in case of a close above this level, increases up to $72,800 may be seen. For now, this area is working as resistance and the pullback continues. Since there was a rejection at $67,000, a retracement may occur up to $60,800.
ETHEREUM (ETH)
ETH is priced at $3157 with a 0.50% gain in value as of the morning hours. There are ups and downs in the price between $3300 and $2900. Permanence above $3000 has been achieved. $3200 is a critical region and a large breakout occurred, but it could not be sustained. There was a rising trend in the short term, but this also gave a downward break. The first support now appears to be the $3050 region.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.5277 with a 0.02% gain in value. There is a horizontal channel between $0.46 and $0.55. Yesterday, there was a movement to the $0.57 level, but it could not be permanent. $0.55 is a critical level, and if it closes above this level, a rise to $0.60 may occur. If $0.55 acts as resistance, areas that could be support include $0.50 and $0.47.
AVALANCHE (AVAX)
AVAX is priced at $35.65 with a 2.00% loss of value as of the morning hours. There is a horizontal line between $40 and $31. It rose to $40 and was rejected. If a breakout of $39 occurs and persistence is achieved, a rise to $45 can be seen. If the pullback continues, pullbacks up to $35 and then up to $32 may be seen.
SOLANA (SOL)
SOL is priced at $146.52 with a 0.83% loss in value as of the morning hours. When we examine the hourly chart, yesterday, a downward movement occurred with the downward break of the rising trend line and the $ 144 level, which we follow as the support zone, was tested. If the upward reaction from this region continues, the $150 level appears as resistance. If the retreat continues and the $140 support zone breaks downwards, a move towards the $140 level may be possible.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $ 14,710 with a 1.18% gain in value. When we examined the hourly chart, a downward movement occurred yesterday with a downward break of the $ 15 level and we saw a movement up to the $ 14,400 level. We see that an upward and voluminous movement is currently occurring in this region. If the movement continues, the $15 level can be followed as resistance. In case of withdrawals, the $ 14,400 region appears as support.
ACH
ACH is priced at $0.03647 with a 6.18% gain in value as of the morning hours. When we examine the hourly chart, we see that the resistance zone of $0.037 was tested, but it could not be maintained above this zone. If the resistance zone is crossed, the $0.038 level can be tested. In case of withdrawals, the $0.036 region can be followed as short-term support.
FTM
FTM is priced at $0.7360 with a 1.05% gain in value as of the morning hours. When we examine the hourly chart, we see that there is a descending channel movement. For now, if the reaction from the bottom level of this channel area continues, a movement towards the channel area of $0.74 may be possible and this area can be followed as resistance. In case of withdrawals, the $0.72 level appears as support.
OUNCE OF GOLD
Ounce Gold is priced at 2318.62 dollars with a 0.12% gain in value as of the morning hours. When we examine the four-hour chart, we see that there is no persistence above the $ 2400 level and at the same time, the short-term rising trend line is broken downwards. If this withdrawal movement continues, the $ 2300 level and then the $ 2280 level can be followed as support. In upward movements, the 2380 and 2400 dollar regions appear as resistance.
OUNCE OF SILVER
As of the morning hours, silver is priced at $27.15 with a 0.06% loss in value. When we examine the four-hour chart, we see that yesterday it received an upward reaction from the $ 26.80 level, which we follow as the support zone. In the short term, a downward trend movement is observed. With a break of the $27.30 resistance area, a move towards the $27.60 region may be possible.
