- 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.
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.
