The first-ever spot Bitcoin exchange-traded funds (ETFs) made their debut in Hong Kong on April 30, with trading commencing on the Hong Kong Securities Exchange. On May 6, China Asset Management’s (ChinaAMC) spot Bitcoin ETF experienced its first outflow.
ChinaAMC’s spot Bitcoin ETF recorded an outflow of 75.36 BTC on May 6, according to data. The other two ETFs had no entries. This followed the initial trading day of the three spot Bitcoin ETFs, which saw an entry of 3,910 BTC, as per SosoValue’s data.
SosoValue explained that BTCs purchased through in-kind subscriptions for ETF shares do not result in cash entries in US dollars, and therefore they are not included in the daily net entry statistics. Instead, the company uses the Bitcoin-Flow metric to measure the actual number of BTCs that entered or exited all ETFs on a specific trading day.
As of May 6, the three spot Bitcoin ETFs managed by ChinaAMC, Harvest, and both Bosera and HashKey held approximately 4,150 BTC, according to the data provider. The total asset value in the funds, which was $247.7 million on the first trading day, now stands at a net level of $266.8 million.
Farside Investors’ data also confirms the figures provided by SosoValue. On May 6, ChinaAMC’s spot Bitcoin ETF saw an outflow of $4.9 million, while the other two ETFs had no entries.
The total trading volume for the three spot Bitcoin ETFs in Hong Kong reached $8.6 million on May 6, according to SosoValue. On May 3, the total trading volume recorded by spot Bitcoin ETFs was $8.01 million.
Meanwhile, spot Bitcoin ETFs in the US experienced a net entry of $217.06 million on the same day, with Grayscale’s converted GBTC spot ETF seeing its second daily net entry.
Please note that the information provided in this article should not be considered investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
