Bitcoin started the Hong Kong trading day below $80,000, putting the market back at a level that has capped upside several times in recent sessions. CoinDesk market data shows BTC still struggling to hold above that threshold, with short-term trading pinned near resistance.
Glassnode said in its latest market update that price action remains trapped below the $80,700 short-term holder realized price. That on-chain level is now acting as near-term resistance, and the market has not yet produced a clear break away from the range.
Asian trading hours are weighing on returns
The problem is not limited to another rejection near $80,000. April timezone data from Presto Research shows that Asian trading hours consistently weighed on returns, while U.S. and European sessions generated most of the gains. The split is becoming harder to ignore. Recent upside has leaned heavily on Western flows rather than broad participation across regions.
Enflux told CoinDesk that the market is now testing whether bitcoin can stay near $80,000 without wider global support. The market maker said that if Asian participation remains absent, any sustained move above $80,000 would require Europe and the U.S. to keep driving price action without the overnight liquidity buffer that Asia usually contributes.
Hong Kong spot bitcoin ETFs have turned quiet
Hong Kong’s three spot bitcoin ETFs — ChinaAMC, Bosera Hashkey, and Harvest — have effectively gone dormant. Their combined net assets stand at $319.48 million, while daily turnover was routinely below $2 million through most April sessions. Net creations were zero on most days.
At the same time, capital in the region appears to be moving into other risk assets. Hong Kong’s IPO market raised about HK$110 billion in the first quarter, the strongest opening in five years, with much of the activity tied to mainland China AI and technology listings. The report said more than 400 IPO applications are in the pipeline, leaving the city’s exchange effectively booked up for the year.
Flow data shows weaker buying pressure
That rotation is showing up in broader market data as well. Glassnode reported that U.S. spot bitcoin ETFs swung to $783.4 million in net outflows last week, while trading volume fell 13.45%. Spot cumulative volume delta, a measure of whether buyers or sellers are initiating trades, dropped 28.6%, pointing to softer buying pressure.
Taken together, the figures suggest that the demand behind April’s rally is no longer building. Bitcoin is pressing into resistance without a clear second layer of support. Enflux said traders are clustering expectations in the $78,000 to $82,000 range, which makes $80,000 look less like a breakout trigger and more like the top of a trading band.
Friday’s U.S. payrolls report is the next major event on the calendar. A strong reading could give Western flows enough momentum to push price higher again. A weaker result would leave bitcoin testing support while global participation remains uneven.