Hong Kong Bitcoin, Ether ETFs See $39M Monday outflows – Gain Insights
According to Farside Investors reports, in the cryptocurrency market, before, Ether ETFs outflowed around US$6 million from certain investments. However, on Monday, a lot more money, nearly US$39 million, was outflowed from spot crypto ETFs. These investments are like baskets of cryptocurrency assets that trade on the stock market.
Especially, two popular cryptocurrencies the ETFs for Bitcoin and Ether, saw a lot of people getting their money out. This is because the price of Bitcoin went down below US$61,000 on Friday.
The ETFs for Bitcoin from ChinaAMC, Harvest Global, Bosera, and Hashkey lost a lot of money on Monday, around US$32.7 million altogether. It is a lot more than before when only about US$6 million was being taken out.
On Monday, since these ETFs started on May 2, they all lost money together. While, the big loss on ETFs for Ether was seen, about US$6.6 million.
Farside Investors data noted that ChinaAMC’s Bitcoin fund came in as a loser on the day with US$15.5 million in outflows. While spot Ether ETFs saw the total joint net outflows of US$6.6 million. Harvest Global and ChinaAMC saw for most outflows with US$3 million each.
As of Monday, all funds since their April 30 trading launch have together seen US$20.9 million in total outflows, outpacing the US$18.4 million in total inflows accrued as of Friday, May 10. It is also the first time Harvest Global’s Bitcoin ETF saw outflows, which totaled $9.8 million.
Hence, Monday’s outflows were also noted as the third trading day in a row, where Hong Kong’s crypto ETFs spotted the net outflows, with US$52.5 million in total being pulled from the funds since May 9.
Coming to the BTC, it has traded below US$61,000 over the weekend. It is seen that Bitcoin mining rewards were reduced by 50% on April 20 — a lack of mechanism coded into the blockchain that looks over Bitcoin’s price fall in the weeks.
The crypto ETF market has been marked as low in both funds and assets offered under management compared to the United States. The United States remarked Bitcoin ETFs have over US$50 billion in assets under management. Hong Kong’s ETFs have US$179.2 million, which is divided between an 88.5% share for Bitcoin ETFs and the rest on Ether ETFs.
Overall, A lot of money around US$39M was outflown of these cryptocurrency investments on Monday, which was unusual and disappointing compared to before.
