Coinspeaker
Second Daily Outflows Witnessed by Hong Kong’s Bitcoin Spot ETFs since Launch
Hong Kong spot Bitcoin (BTC) exchange-traded funds (ETFs) have now seen their second day of net outflows since debuting on April 30. This follows after 90.16 BTC (approximately 44.5 million Hong Kong Dollars HKD) left the 3 approved funds on Thursday.
It brings the ETFs’ total net outflows since their approval to 165.52 BTC as they saw their first daily outflows on Monday, with 75.36 BTC flowing out of the products. That is, according to data from SoSo Value.
Hong Kong Spot Bitcoin ETFs’ Outflows Driven by ChinaAMC
Thursday’s outflow was due mainly to another solid day of outflow from China Asset Management’s spot Bitcoin ETF, which bled over $39.5 million HKD after seeing 80.16 BTC leave it yesterday. The Bosera HashKey Bitcoin ETF recorded an outflow of 10 BTC, meaning that around $4.9 million HKD also exited the fund.
Interestingly, Harvest’s spot Bitcoin ETF logged zero flows on the day.
Yesterday’s outflows came to eclipse the trickle of inflows that the funds recorded on the two previous days. That is after they saw net inflows of 99.99 BTC and 101.6 BTC on Tuesday and Wednesday, respectively.
As of Thursday, the three ETFs held about 4,260 BTC, meaning that they now have a combined net asset that is worth roughly $261.45 million. That represents some tangible progress made from $247.7 million that they had in combined assets on the first day, per SosoValue data.
Meanwhile, the total trading volume for the three ETFs suggests that there was reduced activity on Thursday with a volume of $2.06 million. That is a 29.6% fall from the trading volume of $2.67 million recorded the previous day and a much bigger plunge from $9.74 million that was seen on April 30.
In a similar manner to the Hong Kong spot Bitcoin ETFs, their US counterparts also experienced a net outflow of $11.29 million on Thursday.
Meanwhile, Bitcoin has seen a 2.43% gain over 24 hours to trade at $62,906.
Second Daily Outflows Witnessed by Hong Kong’s Bitcoin Spot ETFs since Launch
