On Monday, May 13, ETFs linked to cryptocurrency exchanges in Hong Kong had one of their worst days ever, with a net outflow of $39 million. This major change in the financial health of the six crypto ETFs affected them all, wiping out all of the gains they had made in less than two weeks since their launch.
Bitcoin ETFs Saw the Biggest Losses
While most of the outflows came from Bitcoin ETFs, spot Bitcoin funds from Bosera, ChinaAMC and Harvest Global collectively suffered losses of $32.7 million. ChinaAMC's Bitcoin fund was the most affected, with a loss of $15 million. According to data released by Farside Investors, there was an outflow of $ 5 million in a single day; this was the largest net outflow in the fund's history.
Ether ETFs Also Suffered Their Share of Losses
Ether ETFs also failed to escape net outflows, withdrawing a total of $6.6 million. Both Harvest Global and ChinaAMC's Ether funds lost $3 million each.
Total Outflows Exceed Inflows
As of Monday, total outflows since the ETFs began trading on April 30 reached $20.9 million. This figure differs sharply from the $18.4 million entry. The total inflow recorded on Friday was $4 million, indicating that investor sentiment has changed greatly.
Monday's losses also marked the third consecutive day of outflows in Hong Kong's crypto ETFs since May 9. One of these was the first case where Harvest Global's Bitcoin ETF experienced an outflow of $9 million.
Market Conditions and Post-Hallowing Decline
The massive outflows occurred as Bitcoin traded below $61,000 at the end of the week, in line with the overall market trend. Analysts note that this is a result of the post-halving decline; The halving of Bitcoin mining rewards on April 20 led to a decrease in the supply of new Bitcoin, often resulting in a temporary drop in prices while the market adjusted to the new supply schedule.
Hong Kong and US Crypto ETF Market
Hong Kong's crypto ETF market is still quite small compared to the US. There are 50 Bitcoin ETFs in the US responsible for $11 billion in assets, while Hong Kong's ETFs are managed by individuals with a combined $179.2 million.
The recent outflows can be considered an indicator of the volatility and beginnings of Hong Kong's crypto ETF market. As the region's financial instruments evolve, investors will carefully monitor these trends and their impact on the cryptocurrency world.
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