Bitcoin Bitcoin prices fell below $80,000 at the start of trading in Hong Kong, according to CoinDesk market data, as the market once again tested levels that have capped gains multiple times in recent sessions.
Glassnode said in a market update this week that price action remains range-bound, with short-term holder realized prices just below $80,700, a key on-chain level currently acting as near-term resistance.
The problem isn’t just another rejection of nearly $80,000. Presto Research’s time zone data for April showed that Asian trading sessions continued to weigh on returns, while U.S. and European sessions drove most of the gains.
Hong Kong’s three spot Bitcoin ETFs—China Asset Management, Boshi Hash Fund, and Harvest Fund—are effectively dormant. Net assets are $319.48 million, daily turnover is typically below $2 million, and net creation was zero on most trading days in April.
At the same time, capital in the region appears to be moving elsewhere. Hong Kong’s IPO market raised about HK$110 billion in the first quarter, its strongest start in five years, with a focus on artificial intelligence and technology listings in mainland China. With more than 400 IPO applications pending, the Hong Kong exchange is effectively at capacity this year.
For regional investors, the deals offer a competing high-growth narrative that could draw funds away from cryptocurrencies to buy risky assets.
Market maker Enflux wrote in a note to CoinDesk that the market is testing whether BTC can sustain near $80,000 without wider global participation.
“If Asian markets continue to be absent, any sustained push for the dollar above $80,000 will require continued load during the European and U.S. trading hours, with Asia typically not providing an overnight liquidity buffer,” Enflux wrote.
This dependence is becoming increasingly evident in traffic data. Data from Glassnode shows that net outflows from U.S. spot Bitcoin ETFs last week reached $783.4 million, with trading volume falling by 13.45%. Cumulative spot trading volume delta, which tracks whether buyers or sellers initiate transactions, fell 28.6%, indicating that buying pressure has weakened.
Taken together, these data suggest that the demand that drove the April rally is no longer increasing, causing Bitcoin to fall into resistance without a clear second level of support. Trader expectations are also clustered between $78,000 and $82,000, with the market viewing below $80,000 as a breakout level and viewing it as a range top, according to Enflux data.
Friday’s U.S. non-farm payrolls report is the next key catalyst. A strong print could give Western funds enough fuel to push higher again. If it fails, Bitcoin’s test support will lose the global participation that usually underpins a sustained rally.
