Hong Kong ETFs Follow US Spot ETFs in Exiting Crypto Market: Impact on Bitcoin (BTC) and Ethereum (ETH) Explained

  • Hong Kong’s spot Bitcoin exchange-traded funds (ETFs) experienced their second consecutive day of net outflows on Thursday.
  • The majority of the outflows were from China Asset Management’s spot Bitcoin ETF, which saw 80.16 BTC leave the product.
  • Despite the outflows, the combined assets under management for the three ETFs pointed to a total net asset value of approximately 4,260 Bitcoin and $261.45 million as of Thursday.

Hong Kong’s spot Bitcoin ETFs see second consecutive day of net outflows, with China Asset Management’s ETF experiencing the majority of the outflows. Despite this, the combined assets under management for the three ETFs remain strong.

Spot Bitcoin ETFs in Hong Kong Witness Second Daily Outflow Since Market Debut

According to data from SosoValue, China Asset Management’s spot Bitcoin ETF experienced the majority of the outflows on Thursday, with 80.16 BTC leaving the product. In addition, Bosera HashKey Bitcoin ETF recorded an outflow of 10 BTC, while Harvest’s spot Bitcoin ETF recorded zero flow during the same period.

Combined Assets Under Management Remain Strong Despite Outflows

Despite the outflows, the combined assets under management for the three ETFs pointed to a total net asset value of approximately 4,260 Bitcoin and $261.45 million as of Thursday. According to SosoValue, this figure represents a significant increase from the initial total net assets of $247.7 million recorded on the first day of trading. Data from Farside Investors showed that the three spot Bitcoin ETFs collectively experienced a total net outflow of $5.5 million daily, further highlighting the recent shift in investor behavior in the Hong Kong ETF market.

Conclusion

While the recent outflows from Hong Kong’s spot Bitcoin ETFs may seem concerning, the combined assets under management for the three ETFs remain strong. This suggests that despite the recent shift in investor behavior, the overall market sentiment remains positive. Moving forward, it will be interesting to see how these trends develop and what impact they will have on the broader crypto market.

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