April 10, 2024

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Next FOMC meeting: May 1st 2024

  • Probability of a 25bps ease → 2%
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The News Room

Hong Kong Set to Approve First Spot Bitcoin ETFs, Leading in Asian Market

Hong Kong regulators are expected to approve the first applications for spot Bitcoin ETFs next week, positioning the city as one of the first in Asia, alongside Australia, to introduce such products potentially by April. This accelerated approval process contrasts with the more cautious approaches of Singapore and the UAE. Notably, Harvest Global Investments and VSFG, in collaboration with Value Partners, have applied to the Securities and Futures Commission (SFC), highlighting significant interest from major asset management companies in China. According to Reuters, which cited sources familiar with the matter, four applications have been submitted, with China Asset Management, Harvest Fund Management, and Bosera Asset Management being three of the applicants. However, there has been no immediate response from the SFC or the companies to requests for comment.

Auradine Secures $80 Million in Series B Funding Ahead of Bitcoin Halving, Boosting Teraflux Miner Production

Auradine, a web infrastructure and Bitcoin miner manufacturing startup, has successfully raised $80 million in a Series B funding round led by a group of investors, including StepStone Group, Top Tier Capital Partners, and others, surpassing its initial target of $70 million due to high investor demand. The funding, a mix of $60 million in equity and $20 million in debt, follows their Series A round, bringing their valuation closer to unicorn status with optimism for future growth. This investment comes just before the anticipated Bitcoin halving event, with Auradine reporting $80 million in bookings and an order pipeline of over $200 million for its energy-efficient Teraflux Bitcoin miners. Founded in 2022 and launching Teraflux miners in November, Auradine is expanding its product lines into blockchain and artificial intelligence, planning to grow its team, focusing on R&D and supply chain operations.

Bitcoin Miners Liquidate Holdings Ahead of Halving, Eyeing Upgrades and Profits Amid Price Rally

Bitcoin miners have been liquidating their coin reserves, a move interpreted as preparing for the upcoming halving event on April 20, which will cut the per-block rewards from 6.25 BTC to 3.125 BTC. CoinMetrics data shows that the miner balance has dropped to 1.794 million BTC, the lowest since early 2021, with a decrease of 27,000 BTC since November, highlighting a shift from the accumulation trend observed before the previous halving in May 2020. This selling strategy aligns with Bitcoin's price rally to record highs above $73,000 this year, enabling miners to secure profits for operational upgrades. The hashrate's 45% increase over the past five months signifies investment in new or enhanced mining equipment, contrasting with the 15% increase before the last halving, indicating a strategic move towards ensuring long-term operational sustainability amidst the halving's impact on mining revenues.

Trading Desk Insights

Bitcoin has seen a sharp decline, shedding over 7% from its Monday peak at noon EST, particularly after an underwhelming CPI report led to a brief market downturn before it rallied. Our established support at $67,500 holds strong; however, dipping below this threshold could herald a downward trend toward $66,000. Despite not breaking out from the symmetrical triangle formation as anticipated, Bitcoin's position above the 50-day moving average fuels our optimism for reaching new all-time highs soon.

Turning our focus to ETF dynamics, there's been a notable pullback with net outflows reaching $18.7 million, alongside continued substantial outflows from Grayscale amounting to $159.4 million.

In regulatory developments, Hong Kong is on the brink of green-lighting the inaugural batch of spot Bitcoin ETF applications, potentially rolling them out for trading come April. This positions Hong Kong and Australia at the forefront in Asia, ready to debut spot Bitcoin ETFs, while Singapore and the UAE appear to lag in immediate prospects.

The financial landscape was jolted mid-week as stock futures plummeted, reacting to March's inflation data surpassing forecasts. The inflation acceleration in March suggests a persistent high-inflation environment, likely influencing the Federal Reserve to maintain its current interest rate stance. Contrary to prior expectations of rate cuts commencing in June, the market consensus has now adjusted, delaying the anticipated reduction to September.

Additionally, the Federal Reserve is set to share insights from its March assembly later on Wednesday, shedding light on the committee's monetary policy perspective.

In the tech sphere, Nvidia finds itself in a correction phase after a 10% fall from its highs, despite riding the wave of heightened demand within the AI sector. This adjustment underscores the volatile nature of tech stocks, even against a backdrop of significant sectoral growth.

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