- Prior outflows were close to $6 million, indicating a notable increase in negative flows on Monday.
- According to statistics from Farside Investors, Monday saw massive withdrawals from the spot cryptocurrency ETFs launched in Hong Kong.
- On the first day of the week, investors removed about $40 million from the six bitcoin and ether ETFs.
Following bitcoin’s decline below $61,000 on Friday, there were significant withdrawals from both the Hong Kong-listed spot bitcoin and the ether exchange-traded funds (ETFs) on Monday.
According to statistics from Farside Investors, the spot bitcoin ETFs issued by ChinaAMC, Harvest Global, Bosera, and Hashkey saw a total of $32.7 million in withdrawals on Monday. This amount is a great deal more than the $6 million average of the outflows in the past.
Since their debut on May 2, all six cryptocurrency exchange-traded funds (ETFs), which include bitcoin (BTC) and ether (ETH), had never before experienced negative flows as of Monday. Harvest Global’s spot bitcoin fund had not previously experienced any withdrawals.
Outflows from the spot ether ETFs were $6.6 million, which is a substantial increase over previous figures.
Approximately $13 million was withdrew by investors from the six exchange-traded funds (ETFs) after eight days of trading. This is a poor outcome for the Asia-based ETFs, especially in light of the initial euphoria surrounding their U.S.-listed counterparts.
With around $50 billion in assets, the Hong Kong-based ETF market as a whole is rather modest, as several industry aficionados have noted. By contrast, the projected assets under management of the U.S. ETF market are around $9 trillion.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
