Hong Kong Asset Manager's Big Bet on BlackRock's Bitcoin ETF Surpasses $38M

By: Eliza Bennet

Overview

Data from Farside depict outflows of $34.4 million from Bitcoin exchange-traded funds (ETFs) on May 2. The only exception was Grayscale's GBTC, indicating a positive shift from May 1, when all ETFs experienced outflows. The GBTC saw an outflow of $54.9 million and currently holds 291,248 Bitcoin.

Out of the four main ETFs, only Ark's ARKB reported significant influxes, receiving the highest inflow since April 23, totaling $13.3 million. This raised their total inflows to $2,138.2 billion.

Meanwhile, Hong Kong's Yong Rong Asset Management secured $38 million in BlackRock's IBIT, accounting for 12% of their declared holdings. This investment underlines the attractive aspect of US ETFs' low fee and high volume combination.

In related news, Kraken's index provider expects to see $1B AUM in Hong Kong ETFs by the end of 2024, while eyeing South Korea and Israel as potential new markets for crypto ETFs.