Hong Kong’s Ethereum ETFs experienced no inflows on May 23, while Bitcoin ETFs in the region saw a net outflow of 25.63 BTC. The outflow was solely from China Asset Management’s Bitcoin ETF, which had 25.63 BTC leave the fund.
Despite the outflows in Hong Kong, US ETFs had inflows. On May 23, 11 Bitcoin ETFs in the US attracted funds for the ninth consecutive day, totaling $107.91 million. This consistent inflow demonstrates increasing interest and confidence in Bitcoin ETFs among US investors.
Furthermore, the US Securities and Exchange Commission (SEC) made a significant move on May 23 by approving 19b-4 forms for eight Ethereum ETFs. This approval, occurring amidst changing political dynamics among lawmakers, suggests a potential shift in regulatory attitudes towards cryptocurrency investments. The SEC’s action could lead to greater acceptance and investment in Ethereum ETFs in the US market.
Justin d’Anethan, APAC head of business development at Keyrock, a crypto market maker, commented on the situation in Hong Kong. He pointed out that the spot Ethereum ETF market in Hong Kong represents approximately 15% of the total local spot ETF assets under management (AUM), with the rest allocated to Bitcoin. D’Anethan proposed that the current situation may reflect a broader trend that could be expected in the US or other markets. He stated that the inability to stake ETH in the funds makes spot Ethereum ETFs a less appealing investment.
In terms of price, BTC is currently trading at $67,254, experiencing a 3% decrease in the last 24 hours. ETH, on the other hand, is trading at $3,746, with a decrease of 0.51%. These price movements reflect the overall market trend and investor sentiment influenced by regulatory developments and market activities in both Hong Kong and the US.
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.