{"id":20379,"date":"2024-05-15T15:45:19","date_gmt":"2024-05-15T15:45:19","guid":{"rendered":"https:\/\/coinengineer.io\/?p=20379"},"modified":"2024-05-15T14:46:27","modified_gmt":"2024-05-15T14:46:27","slug":"record-outflows-hit-hong-kongs-crypto-etfs","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/record-outflows-hit-hong-kongs-crypto-etfs\/","title":{"rendered":"Record Outflows Hit Hong Kong&#8217;s Crypto ETFs"},"content":{"rendered":"<p><strong>ETFs in Hong Kong,<\/strong> which are the cryptocurrency exchanges, had their worst day ever on Monday, May 13, <strong>when net outflows amounted to $39 million<\/strong>. This huge change in the financial position of the six crypto ETFs of the region affected all of them, thus their gains made since their recent launch just under two weeks ago were all gone.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/record-outflows-hit-hong-kongs-crypto-etfs\/#Bitcoin_ETFs_Bear_the_Brunt\" title=\"Bitcoin ETFs Bear the Brunt\">Bitcoin ETFs Bear the Brunt<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/record-outflows-hit-hong-kongs-crypto-etfs\/#Ether_ETFs_Also_Hit\" title=\"Ether ETFs Also Hit\">Ether ETFs Also Hit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/record-outflows-hit-hong-kongs-crypto-etfs\/#Cumulative_Outflows_Outpace_Inflows\" title=\"Cumulative Outflows Outpace Inflows\">Cumulative Outflows Outpace Inflows<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/record-outflows-hit-hong-kongs-crypto-etfs\/#Market_Conditions_and_Post-Halving_Slump\" title=\"Market Conditions and Post-Halving Slump\">Market Conditions and Post-Halving Slump<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/coinengineer.net\/blog\/record-outflows-hit-hong-kongs-crypto-etfs\/#Hong_Kong_vs_US_Crypto_ETF_Market\" title=\"Hong Kong vs. US Crypto ETF Market\">Hong Kong vs. US Crypto ETF Market<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Bitcoin_ETFs_Bear_the_Brunt\"><\/span>Bitcoin ETFs Bear the Brunt<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The majority of the outflows were due to<a href=\"https:\/\/coinengineer.net\/blog\/jpmorgan-chase-enters-cryptocurrency-arena-reveals-investments-in-bitcoin-etfs\/\"> Bitcoin ETFs<\/a>, with <strong>Bosera<\/strong>, <strong>ChinaAMC<\/strong>, <strong>and Harvest Global&#8217;s<\/strong> <strong>spot Bitcoin funds collectively losing $32. 7 million.<\/strong> ChinaAMC&#8217;s Bitcoin fund was the most affected, losing a $15. The outflow of 5 million in a single day was according to the data of Farside Investors. This was the biggest net outflow in the fund&#8217;s history.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ether_ETFs_Also_Hit\"><\/span>Ether ETFs Also Hit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Ether ETFs were also not exempted from the net outflows, with a total of $6 being withdrawn. Both Harvest Global and ChinaAMC Ether funds lost $3 million each.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cumulative_Outflows_Outpace_Inflows\"><\/span>Cumulative Outflows Outpace Inflows<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As of Monday, the total outflows since the ETFs started trading on April 30 have increased to $20. 9 million. This number is in sharp contrast to the $18.4M. The total inflows recorded by Friday, May 10 were 4 million, this shows the investor sentiment has changed a lot.<\/p>\n<p>The losses of Monday are also the third consecutive day of outflows for Hong Kong&#8217;s crypto ETFs with $52. 5 million being withdrawn since May 9. Of the most important things, it was the first case when Harvest Global\u2019s Bitcoin ETF had outflows, which amounted to $9 million.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Market_Conditions_and_Post-Halving_Slump\"><\/span>Market Conditions and Post-Halving Slump<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The huge withdrawals are in line with the general market trend, where <strong>Bitcoin (BTC)<\/strong> traded below $61,000 over the weekend. The analysts say this is the result of the post-halving slump; on April 20, Bitcoin mining rewards were halved, which led to the decrease of the new Bitcoin supply and usually caused the temporary drop in prices as the market was adjusting to the new issuance schedule.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Hong_Kong_vs_US_Crypto_ETF_Market\"><\/span>Hong Kong vs. US Crypto ETF Market<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Hong Kong&#8217;s crypto ETF market is still quite small in comparison to the United States. The U. S. has 11 place Bitcoin ETFs that are responsible for $50 billion of assets. On the contrary, Hong Kong\u2019s ETFs are managed by the people who collectively have $179. 2 million, with 88. 5% of the funds are to be for Bitcoin ETFs and the other 95% for Ether ETFs, as per SoSoValue.<\/p>\n<p>The recent outflows are the proof of the volatility and the beginning of <strong>Hong Kong&#8217;s crypto ETF market.<\/strong> With the region&#8217;s financial instruments being developed, the investors will be attentively watching these trends and their effects on the whole cryptocurrency world.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ETFs in Hong Kong, which are the cryptocurrency exchanges, had their worst day ever on Monday, May 13, when net outflows amounted to $39 million. This huge change in the financial position of the six crypto ETFs of the region affected all of them, thus their gains made since their recent launch just under two<\/p>\n","protected":false},"author":6,"featured_media":19569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[534,1469],"class_list":["post-20379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bitcoin-etf","tag-hong-kong"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Record Outflows Hit Hong Kong&#039;s Crypto ETFs - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Hong Kong&#039;s crypto ETFs saw record net outflows of $39 million, erasing all gains since launch. 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