The launch of a spot Bitcoin exchange-traded fund (ETF) in Hong Kong on April 30 triggered a significant decline in Bitcoin’s price. Despite expectations of substantial demand, including projections of $140 million, the opening day’s total trading volume, incorporating Ether ETFs, amounted to only $12.4 million. Consequently, the premium on Bitcoin futures plummeted to its lowest point in five months, indicating a potential bearish trend. Various factors have contributed to this negative pressure on Bitcoin’s price. Weak macroeconomic conditions and uncertainties surrounding U.S. spot BTC ETF flows have been prominent among them. Investors’ confidence in the United States Federal Reserve’s
