Crypto NewsBitcoinAnnoying News from Hong Kong Bitcoin and Ethereum ETFs: Seen for the...

Annoying News from Hong Kong Bitcoin and Ethereum ETFs: Seen for the First Time Since Launch

There has been a new development regarding the Bitcoin and Ethereum ETFs that were recently launched in Hong Kong.

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There were significant outflows in spot Bitcoin and Ethereum ETFs listed in Hong Kong today, after Bitcoin fell below $61,000 on Friday.

Spot Bitcoin ETFs from issuers ChinaAMC, Harvest Global, Bosera and Hashkey saw an outflow of $32.7 million on Monday, according to data from Farside Investors. This figure is significantly more than previous debuts, which generally hovered around $6 million.

Today was a first in the history of these funds. All six cryptocurrency ETFs, including both Bitcoin (BTC) and Ether (ETH), reported negative flows for the first time since their launches on May 2. Notably, Harvest Global has never seen an outflow for its spot Bitcoin fund.

Spot Ethereum ETFs also saw significant outflows, with $6.6 million outflows from the funds. This figure is also significantly higher than past figures.

After eight days of trading, investors had withdrawn nearly $13 million from six ETFs. This result was disappointing for Asia-based ETFs, especially when compared to the exciting initial period for their US-listed counterparts.

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Many industry enthusiasts point out that the Hong Kong-based ETF market is relatively small, with around $50 billion in assets. In stark contrast, the ETF market in the US is estimated to have approximately $9 trillion in assets under management.

Rumors had spread that mainland Chinese investors were gaining access to funds through Stock Connect, which would open the doors to a much larger investor base. However, the Hong Kong stock exchange denied these rumors early on Monday, stating that they were false.

*This is not investment advice.

Buradaki Yorumlardan Bildirim Al

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