Cryptocurrency spot Bitcoin ETFs experience the first outflows in Hong Kong

HomeMarket NewsBitcoin

Cryptocurrency spot Bitcoin ETFs experience the first outflows in Hong Kong

Last updated on May 18th, 2024 at 12:45 pm

Last Monday, the world saw the outflow of China Asset Management Co. (ChinaAMC) for the first time after the launch of Hong Kong’s spot ETFs. Among the three ETFs that made their debut on the HKSE on April 30, the one in question was down 75%. 36 BTC is the equivalent of approximately $4.9 million, which indicates a major change after a medium of 3,910 BTC was introduced on the first trading day.

Performance and Returns of Bitcoin ETFs

While ChinaAMC reported this outflow, the other two ETFs, managed by Harvest and the joint venture between Bosera and HashKey, did not receive any new funding for the day. Despite this, the assets of these three vehicles have grown from their original value of US $247.7 million to $266.8 million, it has expanded to roughly 4,150 bitcoins today.

Unlike in Hong Kong, where spot bitcoin ETFs are losing popularity, U. S. spot bitcoin ETFs still have high levels of investment. For instance, Grayscale’s GBTC fund reported a net inflow of about $217 million. It turns out that 60 million people get involved in a single day. The difference in performance between different regions shows how investors react differently to the same financial products as well as the market dynamics, which are different.

The spot bitcoin ETF from Hong Kong indicates the volatility characteristic of cryptocurrency investment as well as the market sensitivity to local and global financial trends. While these products will provide more clarity on the crypto markets, observing their performance will be crucial to get a full picture of the evolving crypto market investing.

Advertisement

thegreensafe banner

Read Also: Just In: Morgan Stanley Raises the Bar on Bitcoin ETFs

Special Offer (SPONSORED)

Binance Free $200 (Exclusive): Use this link to register and receive $200 free trading fee credit (terms).

"3Commas Trading Bot" Special Offer: Use this link to Sign up with 3Commas and get 10% off your first monthly subscription.

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.