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Hong Kong Bitcoin ETF Registers Initial Outflow Amid BTC

Hong Kong Bitcoin ETF Registers Initial Outflow Amid BTC

The Ethereum (ETH) and Bitcoin (BTC) ETFs in Hong Kong have suffered losses despite the community’s confidence. On Monday, May 6, a newly launched Bitcoin ETF for Hong Kong observed a negative flow. Even when the price of Bitcoin recovered beyond $65,000, no flows were observed in the other Hong Kong crypto ETFs. 

Ethereum & Bitcoin ETF Flows in Hong Kong 

According to Farside UK, the China AMC Bitcoin ETF saw a huge outflow of $4.9 million on Monday. The other HK Bitcoin and Ethereum ETFs had “zero” flows. Furthermore, compared to last week’s figures, the combined trading volume of the six Hong Kong cryptocurrency ETFs was a mere $7.72 million. 

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On the other hand, Hong Kong ETFs for ETH and BTC had a fantastic debut last week. Hong Kong’s newly launched Spot Bitcoin ETFs have rippled, taking in a remarkable $260.9 million in assets under management (AUM) within its maiden week. Furthermore, the entire AUM of cryptocurrency ETFs exceeded $311 million. 

With an impressive $127.1 million, China AMC emerged as the race’s leader. With an AUM of $69.5 million, Harvest Global Investment lagged behind the institution. Moreover, Bosera International and HashKey Capital left their mark as well, accumulating a combined $64.3 million AUM through their ETFs. 

However, the Ethereum ETF’s AUM was significantly lower compared to its BTC equivalent. According to the latest reports, the Hong Kong Spot Ethereum ETFs attracted an AUM of $50.6 million in the first week of trading. Furthermore, it’s important to highlight that the Hong Kong ETFs accumulated almost 4,200 BTC just a few days after their inception, even in the face of recent withdrawals. 

Analyst: For local traders, HK ETFs are essential. 

Eric Balchunas, a senior ETF analyst at Bloomberg, emphasized the significance of Bitcoin and Ethereum ETFs in Hong Kong. He compared their importance to those in the US market. Balchunas noted that while the Hong Kong ETFs might not match the scale of their US counterparts, they are still significant locally. He highlighted that despite smaller figures, $310 million in Hong Kong is proportionately substantial, equivalent to $50 billion in the US. This response came after Farside Investors downplayed the magnitude of the development.

They stated, “In our opinion, the launch of the Bitcoin and Ethereum ETFs in Hong Kong, is a far less significant moment that the US ETFs,” while providing the Hong Kong Bitcoin and Ethereum ETF flow data. However, we have introduced a HK ETF Flow dashboard in response to several requests.

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