Hong Kong experienced no inflows in its three spot Ethereum ETFs on May 23, while spot Bitcoin ETFs in the region saw a net outflow of 25.63 BTC. This outflow was solely from the spot Bitcoin ETF managed by China Asset Management, which saw 25.63 BTC leave the fund.
Despite the outflows in Hong Kong, the United States witnessed inflows in its ETFs. On May 23, 11 spot Bitcoin ETFs in the US continued to attract funds, marking their ninth consecutive day of inflows totaling $107.91 million. This consistent inflow demonstrates the growing interest and confidence in spot Bitcoin ETFs among US investors.
Moreover, the US Securities and Exchange Commission (SEC) made a significant move on May 23 by approving 19b-4 forms for eight spot Ethereum ETFs. This approval came amidst shifting political dynamics among lawmakers and hinted at a potential change in regulatory attitudes towards cryptocurrency investments. The SEC’s decision could pave the way for increased acceptance and investment in spot Ethereum ETFs in the US market.
Justin d’Anethan, APAC head of business development at crypto market maker Keyrock, 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 suggested that the current situation in Hong Kong might reflect a broader trend expected in the US or other markets, as spot Ethereum ETFs are considered less attractive due to the inability to stake ETH in the funds.
In terms of price, BTC is currently trading at $67,254, experiencing a 3% decrease in the last 24 hours, while ETH is trading at $3,746, down 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 risks associated with cryptocurrencies and conduct their own research.
