Bitcoin Breaks $72K as China Enters ETF Race

Hey, it’s Archie!

It’s been a huge week in Bitcoin!
Bitcoin breaks a month of consolidation and pushes over $72K towards the ATH. China is back in the game, and Wall Street’s ETFs turn green again

Let’s dig in! 🙌

🚨Today’s Issue

• China Launching Bitcoin ETFs in Hong Kong

• Gold is Booming - Why Matters to Bitcoin

• Bitcoin Breaks $72,000

• ETF Trading Update

NEWS

Bitcoin Snippets

• Coinbase: Coinbase to launch Bitcoin Fund according to filings with SEC.

• Lightning Network: Coinbase to integrate Bitcoin Lightning network in partnership with Lightspark.

• BlackRock: CEO Larry Fink says their Bitcoin ETF “is the fastest growing ETF in the history of ETFs"

• Google: Searches for Bitcoin are surging towards bull market levels, indicating growing retail interest...

  

  Google searches for Bitcoin

• Adoption: April is expected to be a HUGE month of SEC filings by firms that own Bitcoin ETFs.

• Cathie Wood: Bitcoin is a hedge against a loss of purchasing power. There are currency devaluations around the world that people are not talking about:

  - Nigerian Naira down 60%

  - Egypt devalued 40%

• Bullish Set-Up: Bitcoin to hit $491K by April 2025 IF this pattern repeats.

• Big Banks: CEO of Hut8 Mining says big banks are reaching out to Bitcoin miners directly to buy Bitcoin because of "supply shortages on exchanges" .

• Hedge Funds: Hedge Funds are shorting Bitcoin at record levels.

  

  Chart: ZeroHedge

• Germany: $930 Billion DWS partners with Galaxy Digital to launch ‘physical’ Bitcoin ETC.

• Wall Street: BlackRock adds Goldman Sachs, Citadel, UBS and Citigroup to Bitcoin ETF as authorised participants

• Australia: Nation’s first Bitcoin ETF to go live this year, says asset manager Monochrome.

• Bhutan: The Kingdom to increase Bitcoin Mining capacity before the halving by 6x to 600 mw of hydro-power from the Himalayas.

• South Korea: Bitcoin ETFs approval go-ahead if pro-Bitcoin opposition wins election in 4 days.

  "We're going to allow the ETFs, domestic or overseas."

  More than 6 million South Koreans — over 10% of the population owns Bitcoin or crypto.

CHINA

Hong Kong Leads As Chinese Institutions Rush to Launch Bitcoin ETFs

• $840B global bank Standard Chartered to launch Bitcoin and crypto custody services for institutions in Hong Kong, October 2023, after Hong Kong’s biggest bank, HSBC, became the first bank in Hong Kong to offer US-based Bitcoin ETFs to customers in June, 2023

• Hong Kong’s Securities Commission then said it is ready to accept applications for Bitcoin ETFs.

• Up to 10 Hong Kong asset managers are lining up to launch Bitcoin and crypto spot ETFs.

• News broke this morning of two large Chinese institutions rushing to launch spot Bitcoin ETFs in Hong Kong.

How much demand is there for a Bitcoin ETF in Hong Kong?

This Gold ETF in China is now trading at a 30% PREMIUM because investors are acutely sensitive to systemic and counterparty risk right now.

I am watching Gold closely because it has been used by investors of all sizes as a hedge against currency debasement, system and sovereign risk.

As Billionaire hedge fund manager, Paul Tudor Jones said, in such a moment Bitcoin will be “the fastest horse in the race”.

Gold breaks record highs as I type this, which is incredibly bullish for Bitcoin!

Here’s some commentary i recommend everybody reads by MacroScope17 to put Gold’s move into the context of markets and policy (very high-level)

BITCOIN

Bitcoin Breaks $72,000

After a month of consolidation Bitcoin has broken through $72,000 in a pattern similar to 2020-21 cycle.

Chart fractals are a dubious but alluring practice. If this pattern repeats then Bitcoin is about to go parabolic, potentially smashing through $150K.

We all expect a vertical surge in the Bitcoin price at some point in this cycle, and with the full force of the Wall Street marketing machine building momentum, that could come at any time.

This chart below comparing the two cycles shows clearly that each cycle builds up momentum that sparks a parabolic run after breaking the previous all-time high.

Bitcoin has always increased by many multiples after this point.

BITCOIN ETFs

BlackRock and Fidelity Lead Bitcoin ETF Inflows as Grayscale Outflows Fall

Net inflows have returned to positive after a week of outflows dominating as reported sales of Grayscale ETF shares from the Genesis bankruptcy came to an end.

The blue line illustrates the cumulative flows, which looks to be ready to follow the Bitcoin price up after weeks of consolidating at these levels.

Breaking out the inflows from the 9 ETFs and the outflows of Grayscale.

BlackRock and Fidelity have had 59 consecutive days of inflows, putting both in the Top 20 all-time streaks.

Overall inflows at $12.6 Billion and climbing.

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Cheers,

Archie

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