Mega whales with over 10,000 BTC are accumulating ahead of Hong Kong’s approval of the first spot Bitcoin ETFs that could happen next week.
The potential approval of the first batch of spot Bitcoin exchange-traded funds (ETFs) in Hong Kong could be a big catalyst for Bitcoin’s (BTC) halving rally, commentators say.
The Securities Regulatory Commission of Hong Kong (SFC) could approve the first batch of spot Bitcoin ETFs by April 15, days before the Bitcoin halving is set to cut the supply issuance rate of BTC.
The Hong Kong regulator has reportedly accelerated the approval process for four spot Bitcoin ETFs, according to local news media reports. The potential approval could attract more buying demand for Bitcoin, by offering BTC exposure to both retail and institutional investors in Hong Kong.
