Gate.io Blog Daily News | HK Ethereum ETF to Trade; WLD Founder Met with Malaysian Leaders to Strengthen Government Relations and Increase WLD Supply by 19%

Daily News | HK Ethereum ETF to Trade; WLD Founder Met with Malaysian Leaders to Strengthen Government Relations and Increase WLD Supply by 19%

24 April 11:43

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## Crypto Daily Digest: The HK Ethereum ETF will open for trading on April 30; Worldcoin founder met with Malaysian leaders to strengthen government relations and increase WLD supply by 19% in the next six months
Firstly, let's look at the trading activities of <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on April 23, Grayscale Bitcoin spot ETFs (GBTC) continued to experience outflows of $66.9 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow was $4.4 million, Bitwise Bitcoin spot ETF (BITB) inflow was $23.2 million, ARK 21Shares Bitcoin spot ETF (ARKB) inflow was $33.3 million, and WisdomTree Bitcoin spot ETF (BTCW) net inflow was $6.6 million.

The spot Bitcoin and <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETF jointly issued by HashKey Capital and Bosch International will open for trading on the Hong Kong Stock Exchange on April 30th. These two ETFs are expected to track the prices of Bitcoin and Ethereum, and adopt a physical sub_script_ion mechanism, allowing investors to subscribe to ETF shares using Bitcoin and Ethereum directly.

Previously, Bosch International had obtained approval from the Hong Kong Securities and Futures Commission to expand its business scope to provide asset management services related to virtual assets. At the same time, HashKey Capital, an institutional-level virtual asset management institution, has also obtained approval from the Hong Kong Securities and Futures Commission to provide virtual asset fund product services to retail investors.

On the SEC side, after the previous decision to postpone the Ethereum spot ETF, we are now seeking opinions on BlackRock's revised proposal. Famous companies, including Fidelity and BlackRock, have applied for spot Ethereum ETFs in the past few months. However, <a href="/id/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> about the approval of such products by the US Securities and Exchange Commission is steadily declining.

Standard Chartered Bank pointed out in a research report on Tuesday that digital assets have recently experienced a damaging headwind storm. The worst period has passed, and the market is in a favorable position for recovery. Analyst Jeff Kendrick believes that the inflow of funds into Bitcoin spot ETFs has stopped, while Ethereum ETFs seem unlikely to receive approval in the expected May.

Worldcoin has recently faced two temporary bans from Spain and Portugal, demanding a halt to collecting user personal data. These temporary bans are due to World Coin scanning user eyeballs to create personal world IDs and providing WLD tokens, raising concerns about personal privacy and data management.

Founders Sam Altman and Alex Blania recently met with Malaysian leaders to improve relations with the government and demonstrate their commitment to protecting user data and privacy. According to a post released by government leaders, last Friday, Blania and Altman, co-founders of Tools for Humanity, attended a video call with Malaysian Prime Minister Anwar Ibrahim.

Before meeting with Malaysian officials, Worldcoin took measures to demonstrate that the project takes data collection and privacy-related issues seriously and is willing to work more closely with regulatory agencies and government officials. This indicates that senior government officials are still interested in engaging in dialogue with Worldcoin.

It has been proven that due to people's increasing curiosity and concerns about artificial intelligence (including threats such as deep fraud), senior government officials from various countries continue to show interest in dialogue with Worldcoin.

In the latest news, Worldcoin has announced that World Assets (a subsidiary of the Worldcoin Foundation responsible for token issuance) will sell up to 1.5 million WLDs worth approximately $8.2 million per week through private placements with selected institutions. At present, the circulating supply of WLD tokens is 193 million, and private placement sales mean an increase of 18.6% in the total available supply during the same period.

## Market Trends: The market is volatile, Meme coins continue to perform well
The overall crypto market is showing a volatile trend, with the Meme sector leading the way. Regarding macroeconomics, the US stock market has rebounded, with manufacturing data lower than market expectations, which has, to some extent, raised market expectations for possible future interest rate cuts.
### Market Hotspots:
The Meme sector continues to perform strongly: several major tokens in the Meme sector, such as BONK, PEPE, and FLOKI, saw a daily increase of over 20%. Due to the lack of pressure from unlocking many tokens, this type of token has a relatively simple chip structure and less resistance to market manipulation, making it outstanding.

The AI concept token AKT surged: Akash, an AI computing power project in the Cosmos ecosystem, was launched on a South Korean exchange yesterday, and the news stimulated a significant increase in its price. This project has received high attention from the market by providing decentralized cloud computing resources to support various AI computing needs.

The BIGTIME and BNX of the Gamefi concept have surged. Yesterday, BIGTIME tokens were launched on a Korean trading platform, sparking widespread market attention and investment enthusiasm for the game project. At the same time, the BNX token has seen a significant increase in price due to rumors of a new game release, indicating that investors remain optimistic about game innovation and potential business models in the Gamefi sector.

Although the crypto market is generally volatile, the strong performance of the Meme sector and the prominent gains in AI and Gamefi concepts demonstrate the investment activity and market attention of specific sectors. Investors should continue to pay attention to macroeconomic indicators and internal industry developments to make wiser investment choices. At the same time, attention should be paid to the risks of market fluctuations.

## Macro: Technology stocks support positive sentiment in the market, with investors paying attention to key economic data in the United States
The US stock market closed higher on Tuesday, mainly supported by the good performance of top companies, with investors paying attention to the quarterly performance of Magnificent Seven and other large growth stocks. Tesla announced the launch of a new electric vehicle model after the close of trading on Tuesday, and although quarterly revenue was lower than analyst expectations, its stock price rose 6% during extended trading hours.

Out of the eleven sectors of the S&P 500 index, ten rose, driven by the rise of communication services stocks. However, the S&P materials sector was dragged down by steel manufacturer NUE. N, whose stock price fell 8.9% after its first-quarter profit fell below expectations.

Tuesday's data showed that due to weak demand, business activity in the United States fell to a four-month low in April. Despite a significant increase in input prices, inflation rates still slightly slowed, indicating that consumer price increases may have eased.

In addition to corporate profits, investors will closely monitor the March Personal Consumption Expenditure (PCE) index, which will be released on Friday as the Federal Reserve's preferred inflation indicator. According to data from the London Stock Exchange, the money market expects a rate cut of only about 43 basis points, which is about 150 basis points lower than at the beginning of the year.

Lerner added, "The PMI report and employment are relatively weak, and the market currently sees this as bad news, but there is also good news, which means people's expectations for the Federal Reserve have become too hawkish."

The Asian stock market has also shown an optimistic trend following the rise of Wall Street, boosted by optimistic profits from some American companies, leading to an increase in market risk sentiment.

The MSCI, the most widely used Asia Pacific stock index outside of Japan, rose 1% and 1.55% on Tuesday after rebounding from last week's sharp sell-off in the stock market. The Nikkei index in Japan rose by 2%. The Chinese stock market shows a mixed trend of ups and downs, with the blue-chip index remaining unchanged, while the Hong Kong Hang Seng Index increased by 1.6%.

Regarding commodities, US crude oil fell 0.1% to $83.28 per barrel, while Brent crude oil fell 0.12% to $88.31 per barrel. On Tuesday, as investors shifted their focus from the tense situation in the Middle East, oil prices rose.

Spot gold fell 0.2% to $2,317.39 per ounce.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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