Ongoing withdrawals from US spot Bitcoin exchange-traded funds (ETFs) are evident in the latest data from the cryptocurrency market. The US spot Bitcoin ETFs closed on April 29 with a net outflow of $51.5 million.
Interestingly, the primary contributor to these outflows was not Grayscale Bitcoin Trust (GBTC), as one might expect. According to SoSoValue’s data, 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.
Despite 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, while Valkyrie Bitcoin ETF and Franklin Bitcoin ETF 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.
Since their regulatory approval and subsequent listing, US spot Bitcoin ETFs have accumulated approximately $12 billion in net inflows. However, trading volumes have been steadily declining since reaching their peak on March 5.
The focus of the cryptocurrency market has shifted to the Asian market, particularly the Hong Kong Stock Exchange. Notable developments have taken place with the listing and trading of six spot Bitcoin and Ethereum ETFs.
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 marks a significant expansion in the accessibility of cryptocurrency investment products in the Asian market. As investors worldwide navigate the ever-evolving landscape of crypto investments, the emergence of these ETFs provides additional avenues for investing in cryptocurrencies, thereby shaping the global investment environment.
Disclaimer: 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.
