Bitcoin stalls below $80K as Asian demand fades and US ETF flows turn negative.

Bitcoin is pressing against the $80,700 short-term holder realized price — a level Glassnode flags as near-term resistance — while repeatedly failing to close above $80,000. The pattern is becoming structural: Presto Research's April timezone data shows Asian trading hours have been a consistent drag on returns, with US and European sessions doing the heavy lifting.

Hong Kong's three spot Bitcoin ETFs (ChinaAMC, Bosera Hashkey, Harvest) have gone effectively dormant, with combined net assets at $319.48 million and daily turnover routinely under $2 million. Regional capital appears to be rotating into Hong Kong's booming IPO market, which raised roughly HK$110 billion in Q1 — its strongest start in five years — with over 400 applications queued, concentrated in mainland China AI and tech listings.

On the US side, spot Bitcoin ETFs posted $783.4 million in net outflows last week, with…