Ethereum
Bitcoin (BTC) News Today: Hong Kong ETF Inflows Counter US Outflows Ahead of US Jobs Report
“We have just published a note with the final data (which does not arrive as quickly as the United States). In short, Hong Kong saw $292 million in assets on day one (we were forecasting $1 billion in two years, so well ahead of schedule, but corrections can derail trajectories, as we see in UNITED STATES). Ether ETFs took 15% of the pie and size seemed to matter more than lower fees in attracting investors on day one.
- The ChinaAMC Bitcoin ETF (3042 HK) saw net inflows of $124 million.
- The Harvest Bitcoin Spot ETF (3439 HK) saw net inflows of $63 million.
- Bosera Hashkey Bitcoin ETF (3008 HK) saw net inflows of $61 million.
On Friday, May 3, the US jobs report and ISM Services PMI could influence investors’ bets on a Fed rate cut in September. Weaker-than-expected numbers could reignite buyer demand for US BTC spot ETFs and boost buyer demand for Hong Kong spot ETFs on Monday (May 6).
Technical analysis
Bitcoin Analysis
BTC remained well below 50 days EMA while holding above the 200-day EMA. EMAs confirmed bearish short-term but bullish long-term price trends.
A BTC breakout above the $60,365 resistance level would support a move to the 50-day EMA and the $64,000 resistance level. Selling pressure could increase at the $64,000 resistance level. The 50-day EMA agrees with the resistance level.
On Friday, May 3, the US employment report, ISM Services PMI and BTC spot ETF flow data from Hong Kong and the US are to be taken into account.
Conversely, a decline in BTC below the $55,000 mark could signal a fall to the $52,884 support level.
With a 14-day RSI reading of 36.61, BTC could fall below the $55,000 mark before entering oversold territory.