Hong Kong's three spot Bitcoin exchange-traded funds (ETFs) experienced a significant decline in Bitcoin inflows on the second trading day.
Bitcoin Inflows into Hong Kong's Spot ETFs Drop on Second Trading Day
ETFs managed by China Asset Management (ChinaAMC), Harvest, Bosera, and HashKey saw inflows of 174.73 BTC ($10.3 million), compared to inflows of 3,910 BTC ($240 million) on the first day of trading.
Despite the drop, trading volume remained steady at over $9.7 million on both days, according to SoSoValue data.
SoSoValue clarified that physical Bitcoin ETF shares purchased do not generate dollar-denominated cash inflows. Therefore, these are not included in the daily net entry statistics.
The firm instead uses a BTC inflow metric, which measures the actual amount of bitcoin entering or leaving all ETFs on a given trading day.
As of Thursday, the ETFs held approximately 4,000 BTC, with total net assets decreasing slightly from $247.7 million on the first day to $235.7 million. May 1 was a public holiday in Hong Kong and markets were closed.
Among the three spot Bitcoin products, the ChinaAMC Bitcoin ETF had the largest net assets at approximately $115.6 million. Harvest's ETF had about $62.4 million and the Bosera HashKey Bitcoin ETF had about $57.7 million.
Unlike the Hong Kong market, spot Bitcoin ETFs in the US experienced net outflows of $34.4 million today, following record outflows of $563.7 million the day before.
*This is not investment advice.