In a week of heightened tension due to conflicts in the Middle East, the crypto market saw notable pushback. Bitcoin (BTC) exceeded $72,000 during each weekday but ultimately fell 7.2% by week's end. Ether also dropped, closing the week with an 8.8% loss. The Nasdaq Crypto Index (NCI) saw a relatively smaller decline of 7.9%, reflecting the overall stressful global environment.

 

Grayscale's reduced ETF outflows stir excitement

Grayscale Bitcoin Trust's recent ETF data shows a dramatic drop in outflows, from over $150 million daily to just $17.5 million, signaling a potential end to selling pressure on the largest bitcoin ETF. This reduction has been greatly anticipated, given that it could favorably affect BTC’s price action in the coming days and weeks.

 

Bitcoin ETFs in Hong Kong and Australia

Australian asset manager Monochrome has applied to CBOE Australia for a spot bitcoin ETF, with a decision expected mid-year, while Hong Kong is set to approve its first such ETFs soon. Approval of these ETFs could enhance investor access to Bitcoin without the complexities of direct ownership, possibly leading to increased investment and price stability in the broader cryptocurrency market.

Deutsche Bank signals a Positive Shift, Greater “Crypto Acceptance” by Consumers

Deutsche Bank reports a more positive consumer sentiment towards cryptocurrencies, noting an increased openness to potential benefits and mainstream adoption. This shift is important for investors as it suggests a broader market acceptance of crypto assets, potentially leading to higher demand and increased market stability.

From Hashdex: 

Samir Kerbage wrote about the new types of questions he is getting from professional investors in his latest Notes from the CIO and our Research Team is hosting a webinar on Wednesday to explore how Bitcoin’s Halving may impact investors. Register here.  

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