Crypto ETFs in Hong Kong See Varied Investor Interest, US Counterpart Faces Outflows
The three spot Bitcoin exchange-traded funds (ETFs) in Hong Kong witnessed a notable shift in investor activity over the last two trading days. On the inaugural trading day, there was a substantial influx of 3,910 BTC (equivalent to $240 million), while the following day saw a comparatively modest inflow of 174.73 BTC ($10.3 million). Despite the variance in Bitcoin inflows, trading volume remained consistent at over $9.7 million on both days, according to data from SoSoValue.
It’s important to note a nuance in the inflow data: ETF shares acquired through in-kind subscriptions of physical Bitcoin do not contribute to cash inflows denominated in dollars. Consequently, these transactions are not factored into the daily net inflow statistics. SoSoValue clarified that they rely on the BTC inflow metric, which specifically tracks the movement of Bitcoin into or out of all ETFs on a given trading day.
As of Thursday, the combined holdings of the three ETFs, managed by China Asset Management (ChinaAMC), Harvest, Bosera, and HashKey, amounted to approximately 4,000 BTC. However, the total net assets witnessed a slight decline from $247.7 million on the first trading day to $235.7 million. It’s worth mentioning that May 1 was a public holiday in Hong Kong, resulting in closed markets.
Breaking down the individual ETFs’ net asset values, the ChinaAMC Bitcoin ETF boasted the largest share at around $115.6 million. Harvest’s ETF followed with approximately $62.4 million, while the Bosera HashKey Bitcoin ETF held about $57.7 million.
Across the Pacific, spot Bitcoin ETFs in the United States experienced a different trend. On Thursday, there was a net outflow of $34.4 million, marking a notable reversal from the record-high outflows of $563.7 million observed the previous day.
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