You got three of the issuers on stage to Mark this momentous occasion as this Hong Kong becomes the first in Asia to Offer retail investors a chance to trade Cryptocurrency ETFs why is Bitcoin Crashing today I mean we literally saw a Flash crash from around $64,000 to now 59 and what's worse is Not that we saw a crash crashes happen Every day with Bitcoin but actually We're now starting to see a series of Lower highs and lower lows indicating a Trend change to the negative and watch Today's whole video I'll share with you What's really causing this as well as CZ Of Finance going to prison and much more But just understand that today started Out so Historic we're here at the live ceremony At the Hong Kong Stock Exchange and the Market is open it is 9:30 we're just Running a couple minutes behind but you Can see they are assembling in front of The gong this is a big listing ceremony Today uh the launch of crypto ETFs it'll Be the first time in Asia retail Investors have a chance to trade Cryptocurrency ETFs at spot prices so Just like what Black Rock did in America The Black Rock of China did in Hong Kong To both Bitcoin and eth now this comes Just three months after the US launch of Similar ETFs tracking spot Bitcoin it Has drawn billions in dollars of net
Inflows also contributing to a surge in A bitcoin price earli this year year to Date it's about 50% it has hit all-time Highs last month over $73,000 now you can see that the Bitcoin ETFs uh there's about 14 ETFs that have Hit the market today from three Different issuers uh those issuers are China asset management company Harvest Global investment and hash key exchange You can see the countdown has started [Music] And the impact from this the inflows Into this was underwhelming but there's A lot of people that are overhyping the The value that that will provide so you As an altcoin daily subscriber you were Ready for this you knew that the Hong Kong Bitcoin and E ETF launch would be Much smaller than black rocks in America The problem is the Hong Kong market is Very small Mainland Chinese investors Will not be allowed to invest in China Is very strict on this stuff it's not They you're not just going to get be Able to buy access using a VPN and Different things like this is China We're talking about and how much money Actually flowed in on the first full day We tried to warn everyone to lower Expectations regarding Hong Kong Especially versus the $25 billion hopium Estimate that said if you localize Numbers this was big just the China AMC
Bitcoin ETF took in over $123 million on Day one which already ranks it sixth of 82 ETFs launched in the last 3 years in Hong Kong and top 20% overall to put it In perspective the Hong Kong ETF Market Is about 40ish 45ish 48 billion dollars In assets all ETFs listed in Hong Kong The US ETFs are over 50 so the US ETFs That we have here the US spot Bitcoin ETFs have more in assets the entire Assets space in um Hong Kong that's not To say like if these things get a Billion dollars in assets in the first Year that would be an absolute smashing Success again people were expecting much More which is one of the narratives on Why Bitcoin keeps dipping another big Reason people think we're dipping is Because inflows for Black Rock ETF have Stopped black Rock's Bitcoin ETF daily Inflow on halt for 4 days straight this Is coming off a 71 day inflow streak now The inflows have stopped meaning Black Rock clients are no longer buying and According to the data from black Rock's Official page the fund has held the same Amount of Bitcoin over the last four Trading days leaving a lot of average Retail investors to worry to sell their Bags in fear again altcoin daily Subscribers understand this is normal First of all most ETFs don't see a flow Every day in or out for the most part It's going to be zero that's probably
Going to be more along the lines of What's normal going forward uh it's Standard and normal procedure for an ETF Just not to have flows on a given day There are going to be days and weeks Where these things seem meaningful Outflows we just haven't really seen it Yet aside from anything from gbtc like Aside from gbtc and then of course the Biggest reason Bitcoin had this red Wick Today leverage being flushed out $140 Million in levered positions liquidated In 4 hours as Bitcoin and crypto markets Drop meaning levered long positions were Betting that the Bitcoin price would go Up and then when it started to turn down That liquidated the Long's suppressing Price of course always good to get this FL out and really in the grand scheme of Things a 20% correction from alltime High is normal this is the fourth 20% Correction in BTC in 12 months pretty Ordinary stuff I would expect since we Had so much Mania into the Bitcoin Having that post Bitcoin having for a Few months us to consolidate we have our Next support around the $1,000 BTC price point we could easily Drop to around here by the way all still Where the 200 day moving average is as Well if we take another leg lower that's Where I'd expect price to land and with Binance ex binance CEO CZ sentenced to 4 Months in prison this was after pleading
Guilty to one count of violating the Bank secrecy act last November the doj Was recommending 3 years so because this Is only four months versus 3 years That's a win and also after those four Months CZ isn't left with nothing cc is Still a billionaire as part of his uh Plea agreement he is allowed to keep his Shares in binance he has around a 90% Stake uh the value of that is around $43 Billion he ranks on uh Bloomberg's own Rich list on number number 38 so this is One of the wealthiest uh individuals in The world and by far the wealthiest uh Prison inmates when he when he Eventually does go to to prison whether It's for 18 months or 3 years or or Sometime in between so he he will still Be wildly wealthy and uh will be um Leaving prison after his uh his sentence Uh a billionaire we also have Bitcoin OG Roger ver he is the creator of Bitcoin Cash labeled Bitcoin Jesus back in the Day because he was such a proponent for Bitcoin think of him as the early Michael sailor just in Bitcoin Jesus Roger ver charged with $50 million tax Evasion Roger was arrested this weekend In Spain with possible extradition to The US the doj alleges that ver evaded Paying taxes to the amount of nearly $50 Million conducted mail fraud and filed False tax returns to me this is so Shocking cuz my brother and I were just
Hanging with Roger in Dubai at token 2020 2049 we shared a car ride with him To the Kate combat event so like a 50-minute a car ride where he was just Sharing early days stories talking about Jiujitsu which he's into honestly truly Was a super nice guy and while he's Being charged with $50 million tax Evasion keep in mind Roger is a Literally a multi multibillionaire I Assume he will just settle SL plea deal And move on but we'll see and I did not Know this or I I was reminded of this That Roger actually revoked his us Citi Ship before selling this Bitcoin and They still find ways to charge him so he Wasn't an American citizen it was Officially over when he sold if you got Value today hit the like button like Always see you tomorrow
