Spot Bitcoin exchange-traded funds (ETFs) in Hong Kong experienced their second consecutive day of net outflows on Thursday since their debut on April 30. Approximately 90.16 BTC outflowed from ETFs.
Hong Kong's Spot Bitcoin ETFs Witness Second Daily Exodus Since Launch
China Asset Management's spot Bitcoin ETF experienced the bulk of the outflows on Thursday, with 80.16 BTC leaving the product, according to data from SosoValue.
In addition, Bosera HashKey Bitcoin ETF recorded an outflow of 10 BTC, while Harvest's spot Bitcoin ETF recorded zero inflows during the same period.
The recent outflows mark a reversal from previous trends, as the three ETFs recorded net inflows of 101.6 BTC on Wednesday and 99.99 BTC on Tuesday. However, the funds saw their first daily outflow on Monday, with an outflow of 75.36 BTC recorded.
Despite the outflows, combined assets under management for the three ETFs showed total net assets of approximately 4,260 Bitcoins 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 three spot Bitcoin ETFs collectively experienced $5.5 million in total daily net outflows, further underscoring the recent shift in investor behavior in the Hong Kong ETF market.
*This is not investment advice.