The exchange-traded funds only managed to attract around $22.5 million inflows during their first week of launch.
Hong Kong spot Bitcoin exchange-traded funds (ETFs) are far underperforming their U.S. counterparts in the first week of launch.
According to data compiled by Farside Investors, the three spot Bitcoin (BTC) ETFs that launched on April 30 in the East Asian City have attracted a total of $262 million in assets under management (AUM), the vast majority of which was subscribed to before the listing. Meanwhile, their asset inflows amounted to less than $14 million in the first week of launch, far below the billions that flowed into U.S. spot Bitcoin ETFs in January.
“In our view, the launch of the Bitcoin and Ethereum ETFs in Hong Kong, is a far less significant moment that the US ETFs,” Farside Investors commented. Meanwhile, Hong Kong spot Ether (ETH) ETFs, the first of their kind in the world, also did not impress, with a cumulative $54.2 million in AUM and $9.3 million in total inflows as of May 6.
