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- The China AMC Bitcoin ETF in Hong Kong registered the first day of outflow on Monday while other crypto ETFs recorded no flows amid low trading volumes.
- The China AMC Bitcoin ETF outflow amounted to $4.9 million.
- The other crypto ETFs in Hong Kong didn’t register any flows on Monday.
Despite Bitcoin’s price recovery, Hong Kong’s China AMC Bitcoin ETF noted an outflow for the first time since its debut, while other crypto ETFs recorded no flows.
Hong Kong Bitcoin & Ethereum ETF Flows
According to Farside UK, the China AMC Bitcoin ETF registered a significant outflow of $4.9 million on Monday. Meanwhile, the other Hong Kong Bitcoin and Ethereum ETFs witnessed “zero” flows. Moreover, the total trading volume of the six Hong Kong crypto ETFs was only $7.72 million, witnessing a slump from last week’s numbers.
Analyst Says HK ETFs Are Extremely Significant For Local Traders
Eric Balchunas, the Senior ETF analyst at Bloomberg, offered insights into the recent launch of Bitcoin and Ethereum ETF in Hong Kong. He emphasized that despite lower numbers, the $310 million invested in Hong Kong ETFs equates to approximately $50 billion in the US market, making them proportionately significant.
Conclusion
Despite the recent outflows, the Hong Kong ETFs have managed to scoop up over 4,200 BTC within a few days of launch, highlighting the potential of these financial instruments in the Asian market. However, the future of these ETFs will largely depend on the overall market sentiment and regulatory developments in the region.
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