Coinspeaker
Hong Kong Bitcoin ETFs Record Their First Outflows as Trading Volumes Tank

On Monday, May 6, the Hong Kong spot Bitcoin ETFs registered their first-ever outflows, all of which were contributed by China Asset Management’s ETF. These outflows come in a relatively short span of time, just within a week of their launch on April 30.

As per data from SoSo Value, nearly $75.36 million left ChinaAMC’s  Bitcoin ETFs on Monday. On the other hand, the other two ETFs from Harvest and Hashkey registered zero inflows. This clearly suggests signs of waning sentiment as the global macro outlook turns absolutely uncertain.

As of Monday, the three ETFs, overseen by ChinaAMC, Harvest, and Bosera-Haskey, collectively held approximately 4,150 bitcoins. Their total net assets increased from $247.7 million on the first day to $266.8 million.

The SosoValue data comes with a caveat: ETF shares obtained through in-kind subscriptions of “physical bitcoins” do not result in cash inflows denominated in dollar terms. Consequently, these transactions are excluded from daily net inflow statistics, clarified the data provider. Instead, the firm relies on the bitcoin-inflow metric, which tracks the actual movement of bitcoins into or out of all ETF...