Bitcoin Price Prediction as $1B Liquidity Fund Launched for Hong Kong Crypto ETFs – Will Asia Lead the Next Bull Market?
As Bitcoin oscillates around $61,368 following a 2.60% decrease, market watchers are closely monitoring the impact of a new $1 billion liquidity fund for Hong Kong’s crypto ETFs. This fund aims to stabilize and perhaps catalyze a bull market in Asia, influencing Bitcoin price predictions across the region.
Wintermute, a market maker, is now enhancing liquidity for new Bitcoin and Ethereum ETFs in Hong Kong, collaborating with OSL and HashKey. This strategic move aims to expand Wintermute’s influence in Asian cryptocurrency markets. By providing liquidity, Wintermute supports the entrance of both institutional and retail investors into the cryptocurrency sphere, according to Evgeny Gaevoy, CEO of Wintermute.
Hong Kong, recognized as a crypto-friendly leader in the Asia-Pacific region, aims to set a precedent that could inspire other nations to adopt similar innovations in the crypto market.
Additionally, three venture firms, LD Capital, Antalpha Ventures, and Highblock, have initiated a HK$1 billion (US$128 million) fund to provide liquidity for these ETFs. This fund is designed to ensure ongoing trading activity, which helps mitigate price volatility and enhances overall market stability.
Key contributions include:
This initiative coincides with Tiger Broke’s launch of digital asset trading for professional investors in Hong Kong, marking a significant week for the region’s financial technology landscape.
Bitcoin’s pivot point is set at $62,500, which Bitcoin has recently undercut, suggesting a bearish bitcoin price prediction. Immediate support at $59,164 provides the next threshold that could see significant buying interest if tested. Further supports are placed at $56,677 and $54,336, levels that might come into play
