Hong Kong Bitcoin and Ether ETFs See $39M Outflows on Monday: Farside Investors

Previous outflows hovered around the $6 million mark, signaling a significant uptick in negative flows on Monday.

AccessTimeIconMay 13, 2024 at 7:31 p.m. UTC
Updated May 13, 2024 at 7:33 p.m. UTC
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  • The Hong Kong-listed spot crypto ETFs saw huge outflows on Monday, data from Farside Investors shows.
  • Investors pulled nearly $40 million out of the six spot bitcoin and ether ETFs on the first day of the week.

The Hong Kong-listed spot bitcoin and ether exchange-traded funds (ETFs) saw heavy outflows on Monday following bitcoin’s drop below $61,000 on Friday.

The spot bitcoin ETFs from issuers ChinaAMC, Harvest Global, as well as Bosera and Hashkey, saw a combined $32.7 million outflows on Monday, according to data from Farside Investors. This number is significantly higher than previous outflows, which hovered around the $6 million mark.

Monday marked the first time that all six crypto ETFs, including both bitcoin (BTC) and Ether (ETH), reported negative flows since their launch on May 2. Harvest Global had previously not yet seen outflows for its spot bitcoin fund.

The spot ether ETFs saw $6.6 million in outflows which is also significantly higher than past numbers.

After eight days of trading, investors pulled roughly $13 million out of the six ETFs, a disappointing result for the Asia-based ETFs when compared to the initial excitement phase around its U.S.-listed counterparts.

Many industry enthusiasts have pointed out that the overall Hong Kong-based ETF market is relatively small, with about $50 billion in assets. In comparison, the ETF market in the U.S. is estimated at approximately $9 trillion in assets under management.

Some rumors suggested that mainland Chinese investors had gained access to the funds via Stock Connect, which would open the gates for a far bigger investor base, but Hong Kong’s stock exchange told CoinDesk earlier on Monday that that rumor was false.

Edited by Aoyon Ashraf.

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Helene Braun

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.


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