14 May

Following bitcoin's decline below $61,000 on Friday, spot bitcoin and ether exchange-traded funds (ETFs) listed in Hong Kong experienced significant outflows on Monday.

Data from Farside Investors revealed that spot bitcoin ETFs issued by ChinaAMC, Harvest Global, Bosera, and Hashkey collectively saw outflows of $32.7 million on Monday, a substantial increase compared to previous outflows, which typically averaged around $6 million.

Monday marked the first instance of negative flows reported by all six crypto ETFs, including both bitcoin and ether, since their launch on May 2. Notably, Harvest Global's spot bitcoin fund had not experienced outflows prior to this.

Spot ether ETFs also saw increased outflows, totaling $6.6 million, compared to previous figures.

After eight days of trading, the six ETFs saw approximately $13 million withdrawn, which fell short of the initial excitement surrounding their launch, particularly when compared to their U.S.-listed counterparts.

Observers in the industry noted that while the Hong Kong-based ETF market is relatively small, with around $50 billion in assets, the U.S. ETF market boasts approximately $9 trillion in assets under management.

Rumors circulated suggesting that mainland Chinese investors accessed the funds via Stock Connect, potentially expanding the investor base significantly. However, Hong Kong's stock exchange refuted these rumors, clarifying that they were false.

May 2024, Cryptoniteuae

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