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Home CRYPTO

Stunning $25.3 Million Outflow Rocks Hong Kong Bitcoin ETFs

Michael Juanico by Michael Juanico
May 13, 2024
in CRYPTO
Reading Time: 2 mins read
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  • May 13 marks the largest single-day outflow for Hong Kong’s Bitcoin and Ethereum ETFs, totaling $31.3M
  • Bitcoin ETFs witnessed a staggering $25.3 million in combined outflows on May 13
  • Ethereum ETFs saw a combined outflow of $6 million on the same day

The Hong Kong Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) experienced the largest single-day outflow since launch on May 13, according to data from Farside. The total outflows for the day amounted to $31.3 million.

NEW: 🇭🇰 Hong Kong #Bitcoin and Ethereum ETFs recorded their largest single-day outflows since launch, totaling $31.3 million

— BlockNews.com (@blocknewsdotcom) May 13, 2024

BTC ETFs see $25.3 million outflows

Farside data reports that the BTC ETFs witnessed a staggering $25.3 million in combined outflows on May 13, marking the largest single-day outflow since their launch.

AMCi saw a $15.5 million outflow, bringing its total outflows to $16.8 million. Meanwhile, Harvest recorded a $9.8 million outflow and Bosera experienced an outflow of $7.4 million, bringing the two companies’ total flows to $3.3 million outflows for the former and $1.5 million inflow for the latter.

Hong Kong BTC ETFs have seen a total of $11.2 million in outflows since launch.

ETH ETFs see $6 million outflows

Farside data shows that the ETH ETFs were not spared from the sell-off with a combined outflow of $6 million on May 13.

AMC’s ETH ETF experienced a $3 million outflow, raising its total outflows to $5.2 million, while Harvest saw a $3 million outflow, totaling $4.6 million in outflows.

Bosera’s outflows for the day stood at $600,000, bringing its total flows to $7.5 million inflow.

Overall, the BTC and ETH ETFs in HK have witnessed a combined outflow of $12.9 million since launch.

Conclusion

The record single-day outflows experienced by the Hong Kong Bitcoin and Ethereum ETFs on May 13 signals reduced appetite among investors for these products amid the recent crypto market downturn. The outflows could continue in the near-term if macroeconomic conditions and sentiment around digital assets remains weak.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinBTC ETFsethereumHong Kong Bitcoin
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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