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Eigen Airdrop Sparks Debate, Hong Kong ETFs Debut With Minimal Flows

Apr 30, 2024
Author
Sean Farrell
Sean Farrell AC
Market Update We are witnessing a continuation of the recent weakness in crypto markets today, with #BTC now testing $60k, #ETH just below $3k, and #SOL dipping under $130. The broader altcoin market is experiencing even more pronounced declines, with very few names posting a green candle today. The market was pushed lower in the overnight hours following a disappointing debut from the Hong Kong ETFs (more on that below). However, this remains a reflection of the overall macro landscape. Rates are moving higher today after a strong employment cost index number, suggestive of stickier inflation. The #DXY is back above 106, while the $SPX and $QQQ are retracing a good portion of their recent gains, with all sectors currently in the red for the day. Tomorrow remains a crucial near-term pivot point for risk markets, as the composition of the QRA is released along with results and commentary from the latest FOMC meeting.Hong Kong saw six new spot bitcoin and ether ETFs launch during overnight hours, recording a combined trading volume of $11.2 million on their first day. This figure is significantly lower than the $4.6 billion first-day volume of 11 similar ETFs in the U.S. earlier in the year. The ChinaAMC Bitcoin ETF led with $4.75 million in volume and $121.7 million in AUM (likel

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