Hong Kong 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 Government, stated at the annual meeting of the Investment Funds Association that Hong Kong is actively implementing a series of measures to further consolidate its position as an international financial center. These measures include: first, continuing to improve the listing system; second, further increasing the liquidity and efficiency of the stock market; third, making efforts to expand and deepen the interconnection of capital markets with the Mainland and other regions of the world; fourth, promoting the development of asset and wealth management business; and fifth, Hong Kong is also rapidly advancing the development of the virtual asset industry.
U.S. spot Bitcoin ETF has seen a net outflow of $1.298 billion in the past two trading weeks
Data from Farside Investors shows that in the past two trading weeks, the total net outflow of the U.S. spot Bitcoin ETF has reached $1.298 billion, with the highest net outflow coming from Grayscale during the same period, reaching $517.3 million. 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 to Bitcoin. In its latest report on the Latin American market released in June, 40% of trading volume involved USDT. Similarly, nearly half of the trades involving the Brazilian real also involved stablecoins. Kaiko explains that this is due to the instability of the Brazilian currency and the region’s inflation.
“Rich Dad Poor Dad” author: Waiting to buy more Bitcoin
Robert Kiyosaki, author of “Rich Dad Poor Dad,” 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 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.
Founder of Pomp Investments: Bitcoin will protect the wealth created by artificial intelligence in the next decade
Anthony Pompliano, founder of Pomp Investments, stated in an interview with CNBC that Bitcoin will be the preferred asset to ensure the wealth created by artificial intelligence in the next decade. We are entering an automated world, where artificial intelligence will create a lot of wealth, and Bitcoin will protect this wealth. Pompliano refuted the view that artificial intelligence has replaced Bitcoin and the broader cryptocurrency industry, and become a new hot trend in technology, explaining that these two technologies will work together in the next 10 years.
Bitwise CIO: Bitcoin needs to attract new demand of hundreds of billions of dollars to maintain the status quo
Bitwise Chief Information Officer Matt Hougan wrote on X: “Throughout Bitcoin’s history, various mechanisms have artificially front-run future demand and put it in a ‘lockbox.’ The biggest culprit is GBTC, which has front-run hundreds of billions of dollars of future demand as hedge funds have exploited the premium trade. But there are other mechanisms, including the Mt. Gox bankruptcy and the Silk Road seizure. These ‘lockboxes’ have kept Bitcoin’s price at higher levels than in a free-flowing market. But now, with ETFs and the passage of time, we are unlocking these assets. The result is that Bitcoin needs to attract hundreds of billions of dollars in new demand to maintain the status quo. I think we’ve solved most of the oversupply. For example, we’ve seen the assets of GBTC stabilize. But we haven’t fully solved it, which puts pressure on today’s market. When we solve it completely, seeing new demand translate more directly into price increases will be very exciting.”
Bloomberg analyst: Mt. Gox Bitcoin entry is equivalent to offsetting more than half of ETF inflows
On June 24th, Mt. Gox disclosed its plan to launch BTC and BCH compensation in July. According to Bloomberg’s senior ETF analyst Eric Balchunas, this amount is equivalent to offsetting more than half of the Bitcoin ETF inflows. Earlier reports stated that Mt. Gox currently holds 141,686 BTC, valued at over $9.26 billion.