‘A Very Big Deal’—Crypto Suddenly Braced For A Huge China ETF Earthquake After Bitcoin, Ethereum And XRP Price Boom

BitcoinBTC has exploded over the last year, sending the bitcoin price to over $70,000 as top Wall Street executives sound and “urgent” alarm over a U.S. dollar time bomb.

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The bitcoin price has rocketed past its previous all-time high of $69,000 per bitcoin with its rally being largely put down to the debut of a fleet of Wall Street spot bitcoin exchange-traded funds (ETFs)—triggering a huge $75 trillion bitcoin price prediction.

Now, as Elon Musk teases an X upgrade that some bitcoin and crypto traders think could transform the market, analysts have predicted a Hong Kong spot bitcoin ETF in China could mean another “huge” bitcoin price earthquake is just around the corner.

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“Looks like Hong Kong is going to allow in-kind creations and redemptions for spot bitcoin ETFs in [the second quarter of 2024],” Bloomberg Intelligence analyst Eric Balchunas posted to X, adding that unlike the Wall Street spot bitcoin ETFs that are cash creations only, “in-kind” could “help spark assets under management and volume in the fast-growing region.”

“Even a tiny percentage of Chinese investors finding a legal way [to invest in bitcoin] would be significant,” Noelle Acheson, author of the Crypto is Macro Now newsletter, told Coindesk, adding bitcoin ETF approval in Hong Kong would be “huge.”

China has repeatedly cracked down on bitcoin and crypto trading in the country, most recently in 2021. Since then, most people in China have had no way of buying bitcoin, ethereum, XRP or any other cryptocurrency.

However, Hong Kong, a special administrative region of China, has begun gradually opening up the bitcoin and crypto market to traders, creating an avenue that could allow money to flood in.

“The Asian crypto market is much larger than the U.S. crypto market in terms of volume. This could either suggest that there’s less ‘new money’ to come into the ecosystem or it could suggest that there is deeper familiarity with crypto assets in the region, and listed ETFs in Hong Kong could channel a significant amount of money into ‘approved’ portfolio allocation.”

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