Hong Kong Crypto ETFs Records $39.3M Net Outflow in a Single Day

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On May 13, Hong Kong’s six spot Bitcoin and Ether exchange-traded funds (ETFs) recorded their largest net outflows since their launch on April 30. Investors withdrew $39.3 million from these Hong Kong crypto ETFs, erasing all the gains they had accumulated in less than two weeks.

Hong Kong, Crypto ETFs Investors, Withdrew 519.5 BTC & 2,270 ETH

According to the data from SosoValue, there was a major increase in the amount of Bitcoin being withdrawn from three Hong Kong spot Bitcoin ETFs managed by China Asset Management (ChinaAMC), Harvest, Bosera, and HashKey. These ETFs recorded a combined daily net outflow of 519.5 BTC, compared to just 99.99 BTC on May 10.

Among these ETFs, ChinaAMC’s fund saw the largest outflow, with 251.65 BTC leaving the product. This is followed by Harvest’s ETF with an outflow of 147.86 BTC, and Bosera HashKey’s fund had an outflow of 119.99 BTC.

These withdrawals resulted in the total net assets of the three Hong Kong spot Bitcoin ETFs decreasing from $262.7 million on May 10 to $219.7 million on May 13, based on SosoValue’s data.

Additionally, Farside Investors’ data aligned with these findings, showing that the three spot Bitcoin ETFs recorded a total daily net outflow of $32.7 million on May 13, compared to just $6.3 million on May 10. This suggests a substantial increase in investor selling pressure, leading to major outflows from these Hong Kong crypto ETFs.

Hong Kong Crypto ETFs
Farside all-time data of Hong Kong Crypto ETFs

Meanwhile, the three remaining Hong Kong spot ether ETFs also recorded daily net outflows, with 2,270 ETH exiting the products in the same period. This starkly contrasted with May 9, which recorded an outflow of 471.25 ETH, and May 10, which saw zero flows. In terms of USD, these ETFs experienced a total net outflow of $6.6 million on May 13, as detailed by data from Farside.

The outflows on May 13 also represent the third consecutive trading day where Hong Kong’s crypto ETFs have recorded net outflows, with a total of $52.5 million being withdrawn from the funds since May 9. Additionally, this is the first time Harvest Global’s spot Bitcoin ETF recorded an outflow, which amounted to $9.8 million.

US Spot Bitcoin ETFs Records Inflows Amid Hong Kong Crypto ETFs Outflows

Amidst the outflows from Hong Kong crypto ETFs, the United States experienced a more positive trend, with Bitcoin ETFs receiving a daily inflow of $66 million on May 13.

This inflow reversed the trend of the previous two trading days, which had seen $96 million exit the products. Fidelity’s FBTC fund led the inflows with $38.6 million, followed by Bitwise BITB with $20.3 million in inflows.

Hong Kong Crypto ETFs
Farside data of US spot Bitcoin ETFs

BlackRock saw no inflow or outflow since May 1, while Grayscale’s GBTC also experienced a net zero flow for the day, indicating a slowdown in outflows. But it recorded a 72-day outflow streak on April 26, surpassing any ETF in history. It should be noted that since its conversion to a spot ETF, GBTC has lost approximately 330,650 BTC, valued at around $20 billion at current prices.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.