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Samsung Asset Management to list Bitcoin ETF on Hong Kong Stock Exchange

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Samsung Asset Management to list Bitcoin ETF on Hong Kong Stock Exchange

Samsung Asset Management to list Bitcoin ETF on Hong Kong Stock Exchange Christian Nwobodo · 5 hours ago · 1 min read

The Samsung Bitcoin Active ETF (under the ticker FA SAMSUNG BTC) will be open for trading on Jan. 13 via the Hong Kong Stock Exchange market.

1 min read

Updated: January 12, 2023 at 9:42 am

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Cover art/illustration via CryptoSlate

Samsung Asset Management received approval to list its Bitcoin (BTC) Futures Exchange Traded Fund (ETF) on the Hong Kong Stock Exchange by Jan. 13, according to local media reports.

On Oct. 31, the Hong Kong Securities and Futures Commission (SFC) announced plans to allow ETF providers to list futures contracts for retail investors to gain exposure to crypto assets.

Consequently, Samsung Asset Management filed an application to offer its Bitcoin Futures ETF for trading.

The Samsung Bitcoin Active ETF (under the ticker FA SAMSUNG BTC) will be open for trading on Jan. 13 via the Hong Kong Stock Exchange market.

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The Samsung ETF will invest in Bitcoin futures products listed on the Chicago Mercantile Exchange (CME). The futures contract will include CME Bitcoin futures and the CME micro-Bitcoin futures.

As a result, retail investors will be able to allocate small amounts to the Bitcoin ETFs, given that the contract units and margins are small.

Head of Samsung Asset Management Park Seong-jin said:

The Samsung Bitcoin ETF will be a new option for investors who are a new option for investors who are interested in Bitcoin as a competitive product.”

Meanwhile, Samsung Asset Management had earlier listed its Global blockchain industry ETF and Asia Pacific Metaverse ETF for trading on the Hong Kong Stock Exchange market.

Bitcoin Futures ETF in Asia

About a month ago, CSOP Asset Management became the first firm to list its Bitcoin Futures ETF for trading on the Hong Kong stock exchange market.

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According to a performance report released by CSOP on Jan 11, its Bitcoin Futures ETF recorded about $12 million in overall trading volume. Its daily trading volume stood at about $630,000.

Hong Kong-based Huasheng Securities reportedly subscribed for the first set of the CSOP Bitcoin Futures ETFs.

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Analysis

Bitcoin liquidations in last 24 hours top $160M

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Bitcoin liquidations in last 24 hours top $160M

Bitcoin liquidations in last 24 hours top $160M Zeynep Geylan · 25 mins ago · 1 min read

Data shows that a total of $160.7 million worth of BTC got liquidated in the last 24 hours.

1 min read

Updated: January 30, 2023 at 10:06 pm

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Cover art/illustration via CryptoSlate

The third most significant long Bitcoin (BTC) liquidation of 2023 occurred on Jan. 30, as over $160 million worth of BTC were liquidated in the last 24 hours, according to CoinGlass data.

At the time of writing, data shows that a total of $160.69 million worth of BTC got liquidated in the last 24 hours. This amount includes the 15 million long BTC liquidation recorded today, which marks the third-largest long BTC liquidation of 2023, according to CryptoQuant.

BTC Long Liquidations (Source: CryptoQuant)

The first and second largest long BTC liquidations of the year were recorded on Jan. 19 and Jan. 15, with over 20 million and 16 million, respectively.

A similar movement in BTC liquidations was also recorded on Jan. 25, when the price of BTC breached $23,000, and total liquidations breached $200 million in 24 hours.

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BTC is being traded for around $22,740 at the time of writing.

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Analysis

Bitcoin closes 4 consecutive weekly green candles for first time since August 2021

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Bitcoin closes 4 consecutive weekly green candles for first time since August 2021

Bitcoin closes 4 consecutive weekly green candles for first time since August 2021 Liam ‘Akiba’ Wright · 2 hours ago · 2 min read

The longest bear in Bitcoin history or a perfectly timed bottom from past halving cycle trends.

2 min read

Updated: January 30, 2023 at 2:18 pm

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Cover art/illustration via CryptoSlate

Bitcoin closed the week strongly with a fourth consecutive green candle for the first time since August 2021. Four weeks of positive momentum during a bear market is extremely rare.

The last time printed four consecutive green candles during a bear market was during the COVID-19 crash recovery of May 2020. Prior to that, any time four weekly candles closed green during a bear market, the bottom of the cycle had already been made.

BTC-USD

However, following the weekly close, Bitcoin did begin a retracement, with the price down 3.6% from the local high as of press time.

Bitcoin soared to $24,000 over the weekend as it made a second attempt to break the resistance level which has held since August 2022. However, as of press time, it has fallen to around $23,000, signaling a weekly red candle.

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Further, the weekly candle also marked a higher high on the chart as Bitcoin continues its upward momentum. The year-to-date chart below illustrates Bitcoin’s strong start to 2023.

Year to date BTC-USD

Throughout Bitcoin’s history, four green weekly candles have never been followed by a new cycle low during similar times in the having cycle. For example, Jan 30 is 994 days since the last halving in May 2020, and previous cycle lows came after 994 days in 2015 and 889 days in 2018. The current cycle’s low came 924 days after the last halving, which lies within the historical range.

Therefore, either Bitcoin’s low this cycle has been and gone at $15,530, or this is the longest bear market in Bitcoin’s history. Moreover, an uncertain global macroeconomic environment looms over the financial sector, with Bitcoin primed for its first test of a potentially deflationary world economy.

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is down 1.73% over the past 24 hours. BTC has a market capitalization of $446.36 billion with a 24-hour trading volume of $26.74 billion. Learn more ›

BTCUSD Chart by TradingView

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Bitcoin On-Chain Analysis

Market summary

At the time of press, the global cryptocurrency market is valued at at $1.05 trillion with a 24-hour volume of $55.09 billion. Bitcoin dominance is currently at 42.50%. Learn more ›

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Investments

Crypto investment products see weekly inflows of $117M, highest since July 2022

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Crypto investment products see weekly inflows of $117M, highest since July 2022

Crypto investment products see weekly inflows of $117M, highest since July 2022 Monika Ghosh · 1 hour ago · 1 min read

Bitcoin has emerged as an investor favorite as BTC investment products saw inflows of $116 million over the past seven days.

1 min read

Updated: January 30, 2023 at 1:50 pm

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Cover art/illustration via CryptoSlate

Amid investor sentiment signaling ‘greed,’ cryptocurrency investment products saw weekly inflows of $117 million last week — the highest since July 2022, according to a CoinShares report. Investors are almost solely focusing on Bitcoin, which saw inflows of $116 million.

Total assets under management (AuM) of investment products increased 43% from November lows to $28 billion. The trading volume of investment products also improved to $1.3 billion in the week of Jan. 23 — up 17% compared to the year-to-date average. Comparatively, the average weekly volumes in the larger crypto market jumped by 11%.

Germany accounted for 40% of all inflows last week at $46 million. Canada, the U.S., and Switzerland saw inflows of $30 million, $26 million, and $23 million respectively.

Multi-asset investment products kept losing money for the ninth consecutive week. Last week, outflows totaled $6.4 million, although CoinShares noted that investors are selectively quitting certain investments. This is because while Solana, Cardano, and Polygon saw inflows, Bitcoin Cash, Stellar, and Uniswap experienced minor outflows.

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Posted In: Bitcoin, Bitcoin Cash, Cardano, Polygon, Solana, Stellar, Uniswap, Canada, Germany, Switzerland, U.S., Investments, Trading

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