Cryptocurrencies

Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) registered in Hong Kong

Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) in Hong Kong recorded their largest net outflow ever on Monday, May 13 – erasing all the gains they had made since their launch less than two weeks ago.

Spot Bitcoin ETFs of Bosera, ChinaAMC and Harvest Global recorded net outflows of $32.7 million, with ChinaAMC’s Bitcoin ETF coming in as the biggest loser on the day with outflows of $15.5 million, according to Farside Investors data.

Meanwhile, Ethereum ETFs from the same issuers saw a combined total net outflow of $6.6 million. Harvest Global and ChinaAMC accounted for the most outflows at $3 million each.

As of Monday, all funds since trading launch on April 30 combined saw $20.9 million in total outflows, exceeding the cumulative total inflows of $18.4 million through Friday, May 10.

BTC and ETH fund flows in Hong Kong since May 2. Source: Farside Investors

Monday’s outflows also marked the third consecutive trading day in which Hong Kong cryptocurrency ETFs recorded net outflows, with a total of $52.5 million withdrawn from the funds since May 9.

It’s also the first time Harvest Global’s Bitcoin ETF has seen outflows, which totaled $9.8 million.

Related: Bitcoin and Ethereum ETFs in Hong Kong are struggling to gain traction

This comes as BTC traded below $61,000 over the weekend in what many believe to be part of a post-halving pullback.

Bitcoin mining rewards were reduced by 50% on April 20 – a scarcity mechanism encoded in the blockchain that typically sees the price of Bitcoin fall in the following weeks as the market digests the new issuance schedule.

The region’s cryptocurrency ETF market is much smaller in terms of funds offered and assets under management compared to the US.

The 11 U.S.-based Bitcoin ETFs have more than $50 billion in assets under management. Hong Kong ETFs hold $179.2 million, split between an 88.5% stake for Bitcoin ETFs with the remaining space for Ether ETFs, according to SoSoValue.

magazine: Bitcoin ETFs Make Coinbase a ‘Trap’ for Hackers and Governments – Trezor CEO

sh-hakam.com

I am HAKAM web developer. From here you will get a lot of valuable information for free and a call for updates to WordPress and Blogger so that your sites are accepted in Google AdSense and also proper mastery of SEO and the best for the easiest.

Leave a Reply

Your email address will not be published. Required fields are marked *