Bitcoin (BTC) yields once again this Tuesday (30) and deepens the fall seen the day before with market agents digesting a debut with below-expected performance of Hong Kong’s first cryptocurrency ETFs (index funds).
The six ETFs, which began trading today, together registered a trading volume of just US$11 million, well short of the projected US$100 million – of the total, US$8.5 million were in Bitcoin ETFs, and the rest of products exposed to Ethereum (ETH). For comparison, ETFs that arrived in the US in January had a turnover of US$4.6 billion at their debut.
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It is important to remember that cryptocurrency trading is banned in China, but new funds are outside the scope of the ban. It is not yet known whether the permission given to ETFs will be expanded.
At around 8 am, Bitcoin was trading down 1.2%, enough to reach US$61,681, thus losing the level of US$62,000 and getting closer and closer to the minimum of the month, in the region of $59,000.
Traders are keeping an eye on this price zone, considered long-term support for the cryptocurrency after a surge this year. With the negative performance in April, the worst since FTX’s bankruptcy, the cryptocurrency’s gains in 2024, which already exceeded 70%, are reduced to around 45%.
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The recent drop also coincided with a setback for Bitcoin ETFs in the US, which were blocked by US authorities from being used as collateral for leveraged transactions. The news comes amid a sharp drop in product uptake since April 12th. Bernstein analysts, however, minimize the problem and state that the flow is just on pause. For them, there is a natural “gestation” time for investment advisors to accelerate the recommendation of the product to investors. The house has a target of $150,000 for Bitcoin by 2025.
Market agents are also waiting for a new press conference from the president of the Federal Reserve (Fed, the American central bank), Jerome Powell, next Wednesday (30), and the way in which risk assets may react to the speech and possible signals regarding the beginning of interest cuts in the USA.
Investors are still awaiting the outcome of the criminal case faced in the US by Changpeng Zhao, founder and former CEO of Binance, who could be sentenced to three years in prison. The decision will be made known this Tuesday (30).
Check out the performance of the main cryptocurrencies at 8am:
| Cryptocurrency | Price | Variation in the last 24 hours |
| Bitcoin (BTC) | $61,681 | -1.20% |
| Ethereum (ETH) | $3,039 | -4.30% |
| BNB Chain (BNB) | $580 | -1.00% |
| Solana (SUN) | $129 | -3.90% |
| XRP (XRP) | $0.5012 | -1.30% |
The cryptocurrencies with the biggest gains in the last 24 hours:
| Cryptocurrency | Price | Variation in the last 24 hours |
| Wormhole (W) | $0.6389 | +6.80% |
| Ethena (ENA) | $0.8227 | +4.60% |
| Helium (HNT) | $5.62 | +4.50% |
| Cronos (CRO) | $0.132 | +3.20% |
| Leo Token (LEO) | $5.84 | +1.90% |
The cryptocurrencies with the biggest drops in the last 24 hours:
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| Cryptocurrency | Price | Variation in the last 24 hours |
| Zebec Protocol (ZBC) | $0.02647 | -8.80% |
| Core (CORE) | $1.92 | -7.60% |
| Lido DAO (LDO) | $1.98 | -7.60% |
| Hedera HBAR | $0.09665 | -6.90% |
| Beam (BEAM) | $0.02366 | -6.70% |
Check out how cryptocurrency ETFs closed in the last trading session:
| ETF | Price | Variation |
| Hashdex NCI (HASH11) | R$ 49.05 | -0.78% |
| BTCN Hashdex (BITH11) | R$ 75.05 | -1.70% |
| Hashdex Ethereum (ETHE11) | BRL 47.28 | -0.37% |
| Hashdex DeFi (DEFI11) | R$ 28.89 | +1.01% |
| Hashdex Smart Contract Platform FI (WEB311) | R$ 31.35 | -4.05% |
| Hasdex Crypto Metaverse (META11) | BRL 46.24 | +0.52% |
| QR Bitcoin (QBTC11) | R$ 19.98 | -2.10% |
| QR Ether (QETH11) | R$ 11.51 | +0.96% |
| QR DeFi (QDFI11) | R$ 3.92 | -2.48% |
| Crypto20 EMPCI (CRPT11) | R$ 13.56 | -2.37% |
| I invest in NFTSCI (NFTS11) | R$ 10.29 | +1.98% |
| I invest BLOKCI (BLOK11) | R$ 176.39 | -0.63% |
Tags: Bitcoin accelerates fall threatens support disappointing ETF debut Hong Kong
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