Hong Kong Bitcoin and Ether ETFs See $39M Outflows on Monday: Farside Investors
Hong Kong-listed spot bitcoin and ether exchange-traded funds (ETFs) experienced heavy outflows on Monday following bitcoin’s drop below $61,000 on Friday. The ETFs from ChinaAMC, Harvest Global, Bosera and Hashkey saw a combined $32.7 million outflows, significantly higher than previous outflows around the $6 million mark. This marked the first time all six crypto ETFs reported negative flows since their launch on May 2. The ether ETFs saw $6.6 million in outflows, also significantly higher than past numbers. After eight days of trading, investors pulled roughly $13 million out of the six ETFs. The Hong Kong-based ETF market is relatively small with about $50 billion in assets, compared to the U.S. ETF market estimated at approximately $9 trillion in assets under management. Rumors that mainland Chinese investors had gained access to the funds via Stock Connect were denied by Hong Kong’s stock exchange.
