According to preliminary data from Farside Investors, the spot Bitcoin and Ethereum ETFs in Hong Kong experienced a total outflow of $39.3 million on Monday, May 13.
It is the largest total outflow for institutional investment products since they were first listed on the Hong Kong Stock Exchange on May 2.
Funds from Bosera
Spot Bitcoin funds from Bosera, China Asset Management, and Harvest lost a combined $32.7 million, while Ethereum funds from the same three issuers lost $6.6 million.
HK ETF Gains
The funds received a net redemption of 519.5 BTC in one day, with a daily turnover of $4.25 million. The funds now hold 3,560 BTC, which is worth an estimated $222.5 million at current prices.
The big outflow day reverses the net positive total flow balance, which is now a negative $20.9 million, wiping out all gains since their inception.
Bitcoin ETFs
Things were looking up across the pond in the United States, where Bitcoin ETFs received a daily inflow of $66 million on May 13.
Flows in both directions have settled down, but Monday’s inflow reverses the trend of the previous two trading days, when $96 million exited the products.
Fidelity’s FBTC fund received the most inflows ($38.6 million), followed by Bitwise BITB ($20.3 million). BlackRock registered a zero but has not seen any outflows since May 1.
To read our blog on “Bitcoin sees modest gains as network processes its 1 Bn. TX,” click here
