Crypto:
30188
Bitcoin:
$69.849
% 4.33
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.849
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Hong Kong Spot Bitcoin ETFs Lose 25.63 BTC in Outflow

Hong Kong Spot Bitcoin Etfs

On Thursday, Hong Kong’s three spot bitcoin exchange-traded funds (ETFs) showed a net outflow of 25.63 BTC; their spot ether ETFs showed nil flows.

Data from SosoValue shows that the product controlled by China Asset Management saw 25.63 BTC flow out of the fund, hence the lone contributor to the spot bitcoin ETF outflow. The three-spot bitcoin ETFs combined as of Thursday with $254.74 million in net assets.

After drawing in 62.8 ETH on Wednesday, the three spot ether ETFs in the city had nil flows on Thursday. As of Thursday, the three products had combined net assets of $50.83 million.

In the United States, meanwhile, the 11-spot bitcoin ETFs recorded on Thursday the ninth straight day of inflows, drawing in $107.91 million.

Under shifting legislative dynamics among politicians, the U.S. Securities and Exchange Commission approved the 19b-4 forms for eight-spot Ethereum ETFs on Thursday.

“Admitedly, the ETH spot ETF in Hong Kong is about 15% of the total local spot ETF AUM (the rest is allocated to BTC), and so one could expect a similar ratio in the US or abroad,” Justin d’Anethan, head of APAC business development at crypto market maker Keyrock, informed The Block. “This is probably due to the fact that, so far, no staking reward is offered, and so the spot ETH ETFs are basically an inferior investment product relative to native tokens.”

The Block’s pricing page shows Bitcoin traded down 3% over the past 24 hours at $67,254 at the time of publishing; ether dropped 0.51% to change hands at $3,746.

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