“We just put out note with final data (which doesn’t come in as fast as US). In short, HK saw $292m in assets on Day One (we predicted $1b in two years so way ahead of schedule but corrections can derail trajectories as we seeing in US). Ether ETFs grabbed 15% of pie and size appeared to matter more than lower fees in attracting investors on day one.”
- ChinaAMC Bitcoin ETF (3042 HK) saw net inflows of $124 million.
- Harvest Bitcoin Spot ETF (3439 HK) had net inflows of $63 million.
- Bosera Hashkey Bitcoin ETF (3008 HK) recorded net inflows of $61 million.
On Friday (May 3), the US Jobs Report and ISM Services PMI could influence investor bets on a September Fed rate cut. Weaker-than-expected numbers could rekindle buyer demand for US BTC-spot ETFs and drive buyer demand for HK spot ETFs on Monday (May 6).
Technical Analysis
Bitcoin Analysis
BTC remained well below the 50-day EMA while holding above the 200-day EMA. The EMAs confirmed the bearish near-term but bullish longer-term price trends.
A BTC break above the $60,365 resistance level would support a move to the 50-day EMA and the $64,000 resistance level. Selling pressure may increase at the $64,000 resistance level. The 50-day EMA is confluent with the resistance level.
On Friday (May 3), the US Jobs Report, ISM Services PMI, and BTC-spot ETF flow data from HK and the US need consideration.
Conversely, a BTC drop below the $55,000 handle could signal a fall to the $52,884 support level.
With a 36.61 14-Daily RSI reading, BTC may fall through the $55,000 handle before entering oversold territory.
Read More: Bitcoin (BTC) News Today: HK ETF Inflows Counter US Outflows Pre US Jobs Report
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