Hong Kong’s Deputy Financial Secretary: Hong Kong is rapidly advancing the development of the virtual asset industry
Huang Weilun, Deputy Financial Secretary of the Hong Kong Special Administrative Region, stated at the annual meeting of the Investment Fund Association that Hong Kong is actively implementing multiple measures to further consolidate its position as an international financial center, including: first, continuing to improve the listing system; second, further improving the liquidity and efficiency of the stock market; third, making efforts to expand and deepen the connectivity of the capital market with the Mainland, as well as other regions around the world; fourth, promoting the development of asset wealth management businesses; and fifth, Hong Kong is also rapidly advancing the development of the virtual asset industry.
U.S. spot Bitcoin ETF had a net outflow of $1.298 billion in the past two trading weeks
Data from Farside Investors shows that the U.S. spot Bitcoin ETF had a total net outflow of $1.298 billion in the past two trading weeks, with the largest net outflow in the same period being $517.3 million from Grayscale. IBIT was the only ETF with a net inflow, with a net inflow of $43.1 million in the past two weeks.
Kaiko Research: Latin American cryptocurrency traders prefer stablecoins over Bitcoin
Cryptocurrency market research and analysis company Kaiko found that cryptocurrency users in Latin America prefer stablecoins over Bitcoin. In its latest Latin American market report released in June, 40% of the trading volume involved USDT. Similarly, nearly half of the trades involving the Brazilian real also involved stablecoins. Kaiko explained that this is due to the instability of the Brazilian currency and inflation in the region.
“Rich Dad Poor Dad” author: Waiting to buy more Bitcoin
“Rich Dad Poor Dad” author Robert Kiyosaki posted on social media that Bitcoin is crashing. Most people should sell. I am waiting to buy more. All markets have ups and downs. Many people make a lot of money through the trading markets, which means buying low and selling high. The problem with trading any asset is taxes, especially short-term capital gains tax. My strategy is similar to Warren Buffett’s buy and hold forever.
Pomp Investments founder: Bitcoin will protect wealth created by artificial intelligence in the next decade
Anthony Pompliano, founder of Pomp Investments, stated in an interview with CNBC that in the next decade, Bitcoin will be the preferred asset to ensure that wealth created by artificial intelligence is protected. We are entering an automated world, and artificial intelligence will create a lot of wealth, and Bitcoin will protect that wealth. Pompliano refuted the view that artificial intelligence has already replaced Bitcoin and the broader cryptocurrency industry and become the new hot tech trend, explaining that these two technologies will work together in the next 10 years.
Bitwise CIO: Bitcoin needs to attract hundreds of billions of dollars in new demand to maintain the status quo
Bitwise Chief Information Officer Matt Hougan posted on X, “Throughout Bitcoin’s history, various mechanisms artificially locked in future demand and put it into a ‘lockbox.’ The biggest culprit is GBTC, which artificially locked in hundreds of billions of dollars of future demand because hedge funds took advantage of premium trading. But there are other mechanisms, including Mt. Gox’s bankruptcy and Silk Road’s shutdown. These ‘lockboxes’ keep the price of Bitcoin at a higher level than in a freely flowing market. But now, with ETFs and the passage of time, we are unlocking these assets. As a result, Bitcoin needs to attract hundreds of billions of dollars in new demand to maintain the status quo. I believe we have solved most of the oversupply. For example, we have seen GBTC’s assets stabilize. But we haven’t fully solved it, which puts pressure on today’s market. When we fully solve it, it will be very exciting to see new demand more directly translate into price increases.”
Bloomberg analyst: Mt.Gox Bitcoin entering the market is equivalent to offsetting more than half of the ETF inflow
On June 24, Mt.Gox disclosed plans to start compensating BTC and BCH in July. According to Bloomberg senior ETF analyst Eric Balchunas, this fund is equivalent to offsetting more than half of the Bitcoin ETF inflow. Earlier news stated that Mt.Gox currently holds 141,686 BTC, worth over $9.26 billion.
