- Hong Kong Bitcoin ETF reserves touched 4,941 BTC, worth over $310 million.
- BTC was up by 4% in the last 24 hours, but a few metrics were bearish.
Bitcoin [BTC] ETFs have remained a hot topic of discussion in the crypto space since their approval in January 2024.
While the United States dominated the ETF sector at a global level, new players have now started to enter. For example, Australia and Hong Kong ETFs recently set records.
Bitcoin ETF: Australia, Hong Kong lead the way
To begin with, Hong Kong’s Bitcoin ETFs have witnessed a substantial increase in flows over the last few days. Precisely, BTC ETFs in Hong Kong registered a 28.6% increase from the previous reserve.
The recent uptick pushed its BTC reserves to 4,941 BTC. According to the AMBCrypto Converter, the total Hong Kong BTC ETF reserves were valued at over $310 million.
Like Hong Kong, Australia’s Monochrome Bitcoin ETF (IBTC) also made it to the headlines. Since its debut, it has received 83 BTC in influx. This approached the 100 Bitcoin threshold in terms of total holdings.
Since there was much traction around BTC ETFs, AMBCrypto planned to have a better look at what’s going on. Our analysis of Dune Analytics’ data revealed that BTC ETFs’ netflows have declined over the past few weeks.
However, it was interesting to note that its net inflows remained higher, reflecting BTC’s demand and investors’ confidence in the king of cryptos.
Source: Dune
BTC turns bullish
While all this happened, Bitcoin bulls stepped up their game as its weekly and daily charts turned green. According to CoinMarketCap, BTC was up by more than 4% in the last 24 hours.
At the time of writing, BTC was trading at $62,810.22 with a market capitalization of over $1.23 trillion.
Our look at Coinglass’ data revealed a bullish signal. Bitcoin’s Long/Short Ratio registered a massive uptick at press time, reflecting more long positions in the market than short positions.
This suggested that bullish sentiment around the coin was increasing in the market.
Source: Coinglass
However, not everything was working in BTC’s favor. For example, BTC’s NVT ratio registered an increase. Whenever the metric rises, it suggests that an asset is overvalued, hinting at a possible price correction.
Source: Glassnode
Therefore, AMBCrypto checked Hyblock Capital’s data to look for short-term support and resistance levels.
Read Bitcoin’s [BTC] Price Prediction 2024-25
We found that if the bulls continue to control the market, then it won’t be surprising to see BTC touching $68k in the coming days.
However, if a trend reversal happens, as suggested by the NVT ratio, it might drop to $56k once again.
Source: Hyblock Capital