United

Bitcoin ETF

Bitcoin

April

Spot

The outflow of investments in digital assets for the fourth week in a row amounted to $251 million.
According to CoinShares <a href="https://blog.coinshares.com/volume-181-digital-asset-fund-flows-weekly-report-47a9659e08ae" target="_blank" rel="noopener noreferrer nofollow">data</a>, the week from April 27 to May 3 marked the first time there were any measurable outflows from newly issued U.S. ETFs.&nbsp;The average purchase price of the underlying ETF asset since launch is $62,200 per Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>), with the recent price fluctuations potentially triggering sell orders.
Capital outflows totaled $504 million in the United States. Withdrawals were also noted in Canada, Switzerland, and Germany, totaling $9.6 million, $9.8 million, and $7.3 million, respectively.
Bitcoin was the main focus among cryptocurrencies, with outflows of $284 million, and was the only digital asset to see outflows.
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 “Ethereum broke its 7-week spell of outflows, seeing US$30m of inflows last week.” <cite>CoinShares report</cite>
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The influx was marked by a wide range of altcoins, the most significant of which were <a href="https://crypto.news/tag/Avalanche/" target="_blank" rel="noopener noreferrer nofollow">Avalanche</a>, <a href="https://crypto.news/tag/Cardano/" target="_blank" rel="noopener noreferrer nofollow">Cardano</a>, and <a href="https://crypto.news/tag/Polkadot/" target="_blank" rel="noopener noreferrer nofollow">Polkadot</a> at $500,000, $400,000, and $300,000, respectively.
Outflows could have been even higher if&nbsp;not&nbsp;for the $307 million in proceeds from exchange-traded products <a href="https://crypto.news/hong-kong-crypto-etfs-to-open-new-door-for-mainland-chinese-investors/" rel="noopener noreferrer nofollow">launched</a> on April 30 in Hong Kong.
So far, cryptocurrency ETFs in <a href="https://crypto.news/tag/Hong-Kong/" target="_blank" rel="noopener noreferrer nofollow">Hong Kong</a> are far behind their American counterparts. The latter received investments amounting to several billion dollars in the first seven days. To date, Hong Kong ETFs have received about $22 million, and daily trading volume does not exceed $10 million, notes Bloomberg analyst Eric Balchunas.
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 Yeah as we advised don’t expect big numbers in HK vs US (which is in league of own ETF-wise) but.. the the HK ETFs at $310m is equiv to $50b in US market. So in that regard these ETFs already as big to their local mkt as US ones are to its. <a href="https://t.co/4dIqAiZppJ" target="_blank" rel="noopener noreferrer nofollow">https://t.co/4dIqAiZppJ</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1787455413090124098?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 6, 2024</a>
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On May 6, exchange-traded funds in Hong Kong recorded the first cumulative outflow of funds, SoSo Value <a href="https://sosovalue.xyz/assets/hk-btc-spot" target="_blank" rel="noopener noreferrer nofollow">data</a> shows. Moreover, negative dynamics were observed only in asset manager ChinaAMC and its Bitcoin ETF at $4.9 million.&nbsp;The total outflow for the&nbsp;week’s first trading day&nbsp;amounted to $1.7 million.
You might also like: <a href="https://crypto.news/all-spot-bitcoin-etfs-see-inflows-analyst-doubts-dynamics-will-repeat/" rel="noopener noreferrer nofollow"> All spot Bitcoin ETFs see inflows, analyst doubts dynamics will repeat </a>

Spot ETFs in Hong Kong launch softened outflow from US funds

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