Ongoing withdrawals from US-based Bitcoin exchange-traded funds (ETFs) have been observed in the latest data from the cryptocurrency market. As a result, US spot Bitcoin ETFs closed on April 29 with a significant net outflow of $51.5 million.
Interestingly, the primary contributor to these outflows was not the Grayscale Bitcoin Trust (GBTC). According to data from SoSoValue, the ARK 21Shares Bitcoin ETF topped the list with a net outflow of $31.34 million, followed by GBTC with a net outflow of $24.66 million. Fidelity Wise Origin Bitcoin ETF ranked third with a net outflow of $6.85 million.
Amidst these outflows, some US-listed spot Bitcoin ETFs experienced net inflows. Bitwise’s spot Bitcoin ETF led the way with a net inflow of $6.84 million. Valkyrie Bitcoin ETF and Franklin Bitcoin ETF also saw net inflows of $2.67 million and $1.82 million, respectively. On the other hand, other spot Bitcoin ETFs, such as BlackRock’s iShares Bitcoin Trust, ended the day with no net inflow.
Despite the recent net outflows, US spot Bitcoin ETFs have accumulated approximately $12 billion in net inflows since their regulatory approval and listing. However, trading volumes have been steadily declining since reaching their peak on March 5.
The focus of the cryptocurrency market has now shifted to the Asian market, particularly the Hong Kong Stock Exchange. Notably, six spot Bitcoin and Ethereum ETFs were listed and traded on this exchange.
The Hong Kong Exchanges and Clearing (HKEX) launched these ETFs, including Bosera HashKey Bitcoin ETF (3008.HK), Bosera HashKey Ether ETF (3009.HK), ChinaAMC Bitcoin ETF (3042.HK), ChinaAMC Ether ETF (3046.HK), Harvest Bitcoin Spot ETF (3439.HK), and Harvest Ether Spot ETF (3179.HK), in the early hours of the day.
The listing of these ETFs on the Hong Kong Stock Exchange signifies a significant expansion in the accessibility of cryptocurrency investment products in the Asian market. As investors worldwide navigate the evolving landscape of crypto investments, the emergence of these ETFs provides additional avenues for investing in cryptocurrencies and shapes the global investment environment.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors need to be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.