Ethereum

Bitcoin ETF

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-withdraw-bitcoin-from-hong-kong-etfs/" data-wpel-link="internal">Investors Withdraw Bitcoin from Hong Kong ETFs</a> 
Hong Kong’s three spot Ethereum ETFs saw no inflows on May 23, while spot Bitcoin ETFs in the region recorded a net outflow of 25.63 BTC. This outflow was entirely from the spot Bitcoin ETF managed by China Asset Management, which saw 25.63 BTC exit the fund. 
<h2 style="text-align: justify" id="strong-despite-outflows-in-hong-kong-us-etfs-see-inflows-strong">Despite Outflows in Hong Kong, US ETFs See Inflows</h2> 
As of May 23, the combined net assets of Hong Kong’s three spot Bitcoin ETFs were $254.74 million. In contrast, Hong Kong’s spot Ethereum ETFs, which withdrew 62.8 ETH on May 22, saw no flows on May 23, with total net assets in the funds amounting to $50.83 million. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-355153" src="https://coin-turk.com/wp-content/uploads/2024/05/Hong-Kong-Spot-Bitcoin-ETF-1.png" alt="" width="2892" height="790"> 
The trend was different in the US, where 11 spot Bitcoin ETFs continued to attract funds, seeing their ninth consecutive day of inflows on May 23, totaling $107.91 million. This consistent inflow indicates growing interest and confidence in spot Bitcoin ETFs among US <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. 
Additionally, the US Securities and Exchange Commission (SEC) took a significant step on May 23 by approving 19b-4 forms for eight spot Ethereum ETFs. This approval came amid changing political dynamics among lawmakers and hinted at a potential shift in regulatory attitudes towards cryptocurrency investments. The SEC’s move could pave the way for greater acceptance and investment in spot Ethereum ETFs in the US market. 
Justin d’Anethan, APAC head of business development at <a href="https://en.coin-turk.com/ceo-denies-rumors-of-nigerian-crypto-exchange-shutdown/" data-wpel-link="internal">crypto market</a> maker Keyrock, commented on the situation in Hong Kong. He noted that the spot Ethereum ETF market in Hong Kong represents about 15% of the total local spot ETF assets under management (AUM), with the remainder allocated to Bitcoin. 
D’Anethan suggested that the current situation might reflect a broader trend expected in the US or other markets. According to him, the inability to stake ETH in the funds makes spot Ethereum ETFs a less attractive investment. 
<h2 style="text-align: justify" id="strong-current-status-of-bitcoin-and-ethereum-strong">Current Status of Bitcoin and Ethereum</h2> 
On the price front, BTC is trading at $67,254, down 3% in the last 24 hours, while ETH is trading at $3,746, down 0.51%. These price movements reflect a broader market trend and investor sentiment amid regulatory developments and market activities in both Hong Kong and the US. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-withdraw-bitcoin-from-hong-kong-etfs/" data-wpel-link="internal">Investors Withdraw Bitcoin from Hong Kong ETFs</a></h5>

Investors Withdraw Bitcoin from Hong Kong ETFs

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