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Bitcoin ETFs 1 year anniversary, Hong Kong set up “adoption guide” and UK drafts staking legislation

The Hash Insider

Chart of the week

The crypto investment journey is shaped by volatility, even in a bull market. Significant longer-term returns are frequently accompanied by substantial short-term drawdowns. 

 

 

The table above from our research team shows how many Bitcoin drawdowns of 10% or greater there have been since 2010. In this bull cycle, we anticipate similar short-term fluctuations as price discovery unfolds. However, as BTC continues to mature, these drawdowns may be less severe and volatility may continue to come down over time. 

 

Market Highlights

One-year anniversary US bitcoin ETFs

Spot bitcoin ETFs recorded a total trading volume of $660 billion in the last 12 months, with $36.2 billion in total net inflows.

The unprecedented success of these products underscores the important role of ETFs in institutional adoption and price action throughout 2024.

 

Hong Kong sets up blockchain “guide” for banks

Hong Kong’s Monetary Authority set up a “supervisory incubator” to help banks manage risks with blockchain adoption and experimenting.

This initiative highlights the growing importance of blockchain technology worldwide and Hong Kong’s plan to become a crypto hub.

 

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