Bitcoin ETF

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Hong Kong Bitcoin (BTC) and Ethereum (ETH) ETFs have experienced a setback despite the optimism in the crypto community. One of the newly launched Hong Kong Bitcoin ETFs noted a negative flow on Monday, May 6. Meanwhile, the other <a href="https://coingape.com/breaking-hk-firm-becomes-top-holder-in-blackrock-bitcoin-etf-ibit-bloomberg/" target="_blank" rel="noopener">Hong Kong</a> crypto ETFs didn’t witness any flows despite the Bitcoin price recovery past $65,000. 
<h2 id="hong-kong-bitcoin-ethereum-etf-flows">Hong Kong Bitcoin &amp; Ethereum ETF Flows</h2> 
According to Farside UK, the China AMC Bitcoin ETF registered a significant outflow of $4.9 million on Monday. Whilst, the other HK Bitcoin and Ethereum ETFs witnessed “zero” flows. Moreover, the total trading volume of the six Hong Kong crypto ETFs was only $7.72 million, witnessing a slump from last week’s numbers. 
However, Hong Kong BTC and ETH ETFs made a remarkable debut last week. Hong Kong’s newly launched <a href="https://coingape.com/markets/crypto-price-prediction-4-5-inflows-into-etfs-recovery-in-bitcoin/" target="_blank" rel="noopener">Spot Bitcoin ETFs</a> have made waves, drawing in a whopping $260.9 million in assets under management (AUM) within just their inaugural week. In addition, the total crypto ETF AUM exceeded $311 million. 
China AMC emerged as the frontrunner in this race, securing an impressive $127.1 million. The institution was trailed by Harvest Global Investment with an AUM of $69.5 million. Furthermore, Bosera International and HashKey Capital, also made a mark with both collectively amassing $64.3 million AUM via their ETF. 
Whilst, the Ethereum ETF AUM was way lesser than the BTC counterparts. As per latest reports, the Hong Kong Spot Ethereum ETFs attracted an AUM of $50.6 million in the first week of trading. Moreover, its worthy to note that despite the recent outflows, the Hong Kong ETFs have managed to scoop up over 4,200 BTC within a few days of launch. 
Also Read:&nbsp;<a href="https://coingape.com/tiger-brokers-debut-crypto-trading-platform-lauds-support-for-btc-eth-others/" target="_blank" rel="noopener">Tiger Brokers Debut Crypto Trading Platform, Lauds Support For BTC, ETH, &amp; Others</a> 
<h2 id="analyst-says-hk-etfs-are-extremely-significant-for-local-traders">Analyst Says HK ETFs Are Extremely Significant For Local Traders</h2> 
The Senior ETF analyst at Bloomberg, Eric Balchunas, offered insights into the recent launch of Bitcoin and Ethereum ETF in Hong Kong. He reaffirmed that their significance is at par with those in the United States. Balchunas highlighted that while the Hong Kong <a href="https://coingape.com/this-firm-invests-75m-in-blackrock-fidelity-bitwise-gbtc-bitcoin-etf-sec-filing/" target="_blank" rel="noopener">Bitcoin ETFs</a> might not rival the scale of their US counterparts, they still hold substantial weight within their local market. 
He emphasized that despite lower numbers, the $310 million invested in Hong Kong ETFs equates to approximately $50 billion in the US market, making them proportionately significant. This response came in response to a comment by Farside Investors, who deem the development as not-so-significant. 
While sharing the Hong Kong Bitcoin and Ethereum ETF flow report, they wrote, “In our view, the launch of the Bitcoin and Ethereum ETFs in Hong Kong, is a far less significant moment that the US ETFs. However, due to a number of requests, we have launched an HK ETF Flow dashboard.” 
Also Read:&nbsp;<a href="https://coingape.com/bitcoin-dormant-whale-shifts-44m-btc-as-price-crosses-64k/" target="_blank" rel="noopener">Bitcoin Dormant Whale Shifts $44M BTC As Price Crosses $64K</a> 
The post <a href="https://coingape.com/hong-kong-bitcoin-etf-notes-first-outflow-despite-btc-recovery/">Hong Kong Bitcoin ETF Notes First Outflow Despite BTC Recovery</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Hong Kong Bitcoin ETF Notes First Outflow Despite BTC Recovery

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