Hong Kong’s Approval of Spot Bitcoin and Ethereum ETFs Buoys Market Sentiment

Daily Top Performer — Mantra Chain (OM)

The SPX index is down 1.2%, this downturn was influenced by rising Treasury yields, driven by expectations that the Federal Reserve will maintain high interest rates. The broader cryptocurrency market is mixed, with Bitcoin dropping by 1.29% and Ether rising by 0.49% in the past 24 hours.

Today’s outperformer is OM, which jumped 16.9% after Mantra Chain CEO Discusses Future of Real-World Asset Tokenization and Institutional Adoption.

Mantra Chain (OM), launched on October 2020, is a DeFi and Web3 platform built on RioChain and linked to the Polkadot blockchain. It offers decentralized services like staking and lending, allowing users to earn returns. Its native token, OM, is used for governance among other roles. Mantra, which began as Mantra DAO, features multi-asset staking and lending, and integrates various Web3 elements. John Mullin, CEO of Mantra Chain, discussed the future and challenges of real-world asset (RWA) tokenization on the "Hashing It Out" podcast. He highlighted institutional interest, regulatory challenges, and the integration of token technology with legal frameworks. Mullin envisions widespread tokenization of real-world assets, predicting significant institutional adoption and a transformation in asset management through Web3 technologies.

Check Out the Latest Prices, Charts, and Data of OMUSDT Perp!

Talk of the Town:

Hong Kong has approved spot Bitcoin and Ethereum ETFs, following the U.S.'s earlier approval of Bitcoin ETFs. This decision is expected to potentially trigger a market rally similar to the one in the U.S., where Bitcoin reached new highs due to inflows into spot BTC ETFs. Analysts suggest Bitcoin might hit a new high of $85,906 and Ethereum might consolidate around $3,242.95 by mid-May 2024. These movements are anticipated to coincide with Bitcoin's upcoming halving, possibly leading to further gains in both cryptocurrencies.

Check Out the Latest Prices, Charts, and Data of BTCUSDT and ETHUSDT Perp!

Spot Bitcoin ETF Flows:

On Monday, Bitcoin (BTC) dropped by 3.88%, closing at $63,454, influenced by U.S. retail sales data and geopolitical tensions. The sales figures for March, which exceeded expectations, suggested potential impacts on the Fed's interest rate path due to an elevated inflation outlook. Additionally, geopolitical concerns regarding Israel affected BTC prices. On the same day, BTC-spot ETF market flows showed significant outflows, particularly from the Grayscale Bitcoin Trust (GBTC), which recorded $110.1 million in net outflows. Overall, the BTC-spot ETF market, excluding some ETFs, experienced no net flows, highlighting reduced investor demand ahead of the upcoming Bitcoin halving.

Airdrop to Watch:

The Soar Chain announced a genesis airdrop allocating 2.7% of the total $SOAR supply to stakers. The airdrop requires a minimum stake of 40 $ATOM for 11% of the allocation, 40 $TIA or 20 $milkTIA for 11.1%, and 50 $AKT for 14.6%. Additional allocations are designated for testnet users and node operators. The claim process has not yet started, and participants are advised to avoid interacting with unofficial links. Further details can be found on the Soar Chain blog.

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