Hong Kong has seen an outflow of $82.5 million, indicating that the hype around cryptocurrency ETFs in the region may not be justified. Global ETF volumes slightly increased last week but remain significantly lower than the volumes seen in March and April.
BTC/USD Trading Plan for May 22, 2024: Weekly Inflows into Digital Assets Surge Over 600% Following CPI Report Response
Market Overview: Bitcoin accounted for a significant portion of the total inflows, with capital inflows exceeding $942 million. Solana and Chainlink also saw inflows of $4.9 million and $3.7 million, respectively. On the other hand, Ethereum experienced an outflow of nearly $23 million due to bearish sentiment last week related to the approval of the spot ETH ETF.
However, things are looking positive for digital assets this week following rumors that the SEC is preparing to approve ETFs as the May 23 deadline approaches.
Regionally, the U.S. dominated with inflows of over $1 billion. Canada continued to see outflows for the second consecutive week, with outflows of about $17 million. Hong Kong saw outflows of $82.5 million, suggesting that the launch of Bitcoin and Ethereum ETFs in the region may not be as impactful as expected.
The total volume across global ETFs also slightly increased from $8 billion to $10.5 billion last week. However, this is still much lower than the $40 billion volume seen in March.
With the market opening the new week on a positive note on Monday, global ETFs might see even higher inflows.
