TL; DR
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After the Hong Kong BTC ETFs crashed upon their release, BTC began to plummet, eventually breaking comfortably below $60,000 for the first time since February 28.
Full story
Man, it feels like “talking a big game before you fall flat” is the theme this month.
We saw it with the release of the Human AI pinthe Rabbit R1 AI assistant, and now with the launch of the Hong Kong BTC and ETH ETFs.
From everything we read/watched leading up to the launch, it felt like there was a consistent narrative being pushed that:
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Asian markets lean more towards higher-risk assets than Western markets, so these crypto ETFs should take off.
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There is enough money waiting to flow into these ETFs that day one inflows could rival those from the US.
Good. Those stories lead to a fat nothingburger.
And it ended up having a much bigger effect on the crypto market than we thought!
As the ETFs failed to prove themselves during trading hours in Hong Kong, Bitcoin began to plummet…
Ultimately, it broke comfortably below $60,000 for the first time since February 28.
Good news is: at the time of writing, BTC has regained the $60k level.
Let’s hope that as you read this, the price soars as market players take the opportunity to buy up BTC at a discount.
(I’ll take the rest of the market).