HSBC Allows Bitcoin and Ethereum ETF Trading!

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HSBC allows Bitcoin and Ethereum ETF trading; Open interest in Bitcoin futures hits record; Former executives of FTX used client funds to finance unrelated projects.

As of June 26, HSBC, one of Hong Kong’s largest banks, began allowing its customers to buy and sell Bitcoin and Ethereum ETFs listed on the Hong Kong exchange.

With this news, HSBC became the first bank to allow ETF trading in Hong Kong. However, trading of ETFs through HSBC is expected to begin within the day.

With this move from HSBC, Hong Kong citizens are expected to expand their access to cryptocurrencies.

Crypto ETFs currently listed in Hong Kong include the CSOP Bitcoin Futures ETF, the CSOP Ethereum Futures ETF, and the Samsung Bitcoin Futures Active ETF. With the good news given by the bank, HSBC customers will now be able to trade on these exchange traded funds as they wish.

Open interest in Bitcoin futures hits record

Open interest on Bitcoin futures exchanges has reached an all-time high this year, supported by the upsurge in the crypto market.

According to a report by The Block, the total open interest (OI) on Binance, Bybit, OKX and some other exchanges exceeded $11.5 billion on June 25.

According to CoinGecko, although cryptocurrencies have experienced a slight pullback in the new week, the price of Bitcoin has increased by 16.8% in the last 14 days.

In the past few weeks, BlackRock’s spot Bitcoin ETF application and the launch of Citadel-backed EDX Markets have moved the cryptocurrency market significantly.

BlackRock’s spot Bitcoin ETF application triggered many asset management companies to apply for ETFs. These applications, on the other hand, dispelled the pessimistic atmosphere caused by the US Securities and Exchange Commission’s (SEC) repressive stance on the crypto industry.

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With the disintegration of the pessimistic mood in the crypto money market and the rise of digital assets, there has been an increase in activity in the crypto futures market.

However, the amount of open interest in Bitcoin-linked futures options hovered at just over $7.2 billion on May 27, surpassing $11 billion on June 25.

According to crypto company Genesis, there is a huge demand density for Bitcoin in the $30,000 to $35,000 range. This shows that there is a positive sentiment among investors who have a significant activity in short-term bullish structures.

Former executives of FTX used client funds to finance unrelated projects

The former executives of the bankrupt FTX allegedly spent millions to fund new projects completely unrelated to crypto or Web3.

The new CEO of the FTX exchange, John Ray, revealed in a report published the other day, the uses of the allegedly embezzled client funds.

According to the published report, this included charitable donations made by the exchange’s co-founder Sam Bankman-Fried and other former executives under the umbrella of the FTX Foundation.

FTX’s new CEO, John Ray, claimed in the report that $400,000 of the FTX Foundation’s $700,000 donations were given to an organization that posts animated videos on rationalist and Active Altruism materials on YouTube.

Another $300,000 grant turned out to be given to a person to write a book on how to understand what people’s beneficial functions are.

Ray claimed that these donated monies consisted of FTX client funds collected in various bank accounts controlled by FTX, Alameda Research and various other organizations.

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The report also includes a $1.8 million property called “Pineapple House” among FTX’s $243 million Bahamian real estate portfolio. All of this property was allegedly purchased using client funds.

On the other hand, other uses of the so-called mixed client funds detailed by Ray include about $20 million sent to the nonprofit Guarding Against Pandemics, Inc and related organizations.

According to Ray, Guarding Against Pandemics, a similarly named political action committee led by Sam Bankman-Fried’s younger brother, Gabe Bankman-Fried, is among those working closely with the PAC.

HSBC allows Bitcoin and Ethereum ETF trading; Open interest in Bitcoin futures hits record; Former executives of FTX used client funds to finance unrelated projects.