Record Single-Day Outflows in Bitcoin and Ethereum ETFs in Hong Kong

Record Single-Day Outflows in Bitcoin and Ethereum ETFs in Hong Kong

By: Eva Baxter

Quick Take

The Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) in Hong Kong (HK) have experienced their largest single-day outflow since launch, as per data.

Crypto ETFs

Bitcoin ETFs witnessed a stunning $25.3 million in combined outflows on May 13, which is the largest such instance since their inception. Additionally, Ethereum ETFs also faced a sell-off with a combined outflow of $6.0 million on the same day. Overall, the BTC and ETH ETFs in HK, reportedly, have seen a combined outflow of $12.9 million since launch.

This development comes amid increasing concerns of regulators in mainland China as, the Stock Exchange of Hong Kong (HKEX), has clarified that these ETFs are not available there. Chinese authorities appear apprehensive about ETFs offering a potential avenue to bypass strict international capital controls.

In context, this coincides with previous outflows which were, reportedly, hovering around the $6 million mark, indicating a significant increase in negative flows.

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