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Bitcoin tests $80,000 as Asia’s bid fades and Hong Kong AI IPOs surge
Western desks are carrying the bitcoin rally alone, with Friday’s jobs report the next test.
By Sam Reynolds
May 5, 2026, 2:05 a.m. 2 min read
What to know:
- Bitcoin is repeatedly stalling just below $80,000. Onchain data shows the short-term holder realized price around $80,700 acting as near-term resistance.
- Asian trading hours have been a persistent drag on bitcoin returns as Hong Kong’s spot bitcoin ETFs sit largely dormant while regional capital rotates into a booming local IPO market focused on mainland China AI and technology listings.
- With Asian participation muted and U.S. spot bitcoin ETFs seeing outflows and weaker buying pressure, bitcoin’s recent rally appears to be losing momentum, leaving $80,000 as the top of a trading range ahead of Friday’s U.S. payrolls report.
Hong Kong’s three spot Bitcoin ETFs — ChinaAMC, Bosera Hashkey, Harvest — have gone effectively dormant. Net assets sit at $319.48 million, with daily turnover routinely under $2 million and net creations at zero on most April sessions.
At the same time, capital in the region appears to be rotating elsewhere. Hong Kong’s IPO market raised roughly HK$110 billion in the first quarter, its strongest start in five years, with a heavy concentration in mainland China AI and technology listings. With over 400 IPO applications in the pipeline, the Hong Kong exchange is effectivley full for the year.
