Wednesday, May 22, 2024

Farside Investors Witness $39M Outflows from Hong Kong Bitcoin and Ether ETFs on Monday.

Following bitcoin’s decline below $61,000 on Friday, there were significant withdrawals from both the Hong Kong-listed spot bitcoin and the ether exchange-traded funds (ETFs) on Monday.

According to statistics from Farside Investors, the spot bitcoin ETFs issued by ChinaAMC, Harvest Global, Bosera, and Hashkey saw a total of $32.7 million in withdrawals on Monday. This amount is a great deal more than the $6 million average of the outflows in the past.

Since their debut on May 2, all six cryptocurrency exchange-traded funds (ETFs), which include bitcoin (BTC) and ether (ETH), had never before experienced negative flows as of Monday. Harvest Global’s spot bitcoin fund had not previously experienced any withdrawals.

Outflows from the spot ether ETFs were $6.6 million, which is a substantial increase over previous figures.

Approximately $13 million was withdrew by investors from the six exchange-traded funds (ETFs) after eight days of trading. This is a poor outcome for the Asia-based ETFs, especially in light of the initial euphoria surrounding their U.S.-listed counterparts.

With around $50 billion in assets, the Hong Kong-based ETF market as a whole is rather modest, as several industry aficionados have noted. By contrast, the projected assets under management of the U.S. ETF market are around $9 trillion.

A far larger investor base might be made available by using Stock Connect, according to certain speculations that mainland Chinese investors had accessed the funds. However, Hong Kong’s stock exchange notified CoinDesk earlier on Monday that the rumor was untrue.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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