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Home»ADOPTION NEWS»Hong Kong Spot ETF Drops Bitcoin Inflows on Second Trading Day
ADOPTION NEWS

Hong Kong Spot ETF Drops Bitcoin Inflows on Second Trading Day

By Crypto FlexsMay 4, 20242 Mins Read
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Hong Kong Spot ETF Drops Bitcoin Inflows on Second Trading Day
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Funding • May 3, 2024 5:49 AM EDT

Posted 1 minute ago In ~

Hong Kong’s three spot Bitcoin exchange-traded funds saw inflows of 174.73 BTC ($10.3 million) on their second trading day yesterday, compared to 3,910 BTC ($240 million) on their first trading day. Trading volume hit more than $9.7 million over two days, according to SoSoValue data.

A caveat to the inflow data is that ETF shares purchased through spot subscriptions for physical Bitcoin do not generate dollar-denominated cash inflows and are therefore not included in the daily net inflow statistics, SoSoValue said. Instead, the company uses a BTC inflow indicator, which measures the amount of Bitcoin actually flowing into or out of all ETFs on a given trading day.

The three ETFs managed by ChinaAMC, Harvest, Bosera and HashKey held about 4,000 BTC as of Thursday, with total net assets down from $247.7 million on the first day. It decreased slightly to $35.7 million. May 1st is a public holiday in Hong Kong, so markets are closed.

Additionally, as of Thursday, the ChinaAMC Bitcoin ​​ETF had net assets of approximately $115.6 million, making it the largest of the three spot Bitcoin products. Harvest’s ETF held about $62.4 million, and the Bosera HashKey Bitcoin ETF held about $57.7 million.

Meanwhile, U.S. spot Bitcoin ETFs experienced net outflows of $34.4 million on Thursday, after recording record outflows of $563.7 million the previous day.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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