Massive Fund Withdrawals Hit Hong Kong Bitcoin and Ethereum Spot ETFs, Exceeding $39 Million

May 15, 2024 · Crypto News, TGbot · Source:NewCoinSpot

Hong Kong’s Bitcoin and Ethereum spot ETFs experienced a significant withdrawal of funds on Monday, totaling over $39 million. This marked the first comprehensive outflow of funds since the funds’ listings.

Hong Kong Bitcoin Spot ETF Sees $32.7 Million Outflow

According to data from Farside Investors, three Bitcoin spot ETFs managed by Huaxia, Jiashi International, and Boshi HashKey experienced a combined outflow of $32.7 million on Monday—a significant increase from the previous outflow levels of around $6 million.

Meanwhile, the Ethereum spot ETFs in Hong Kong also suffered, with a combined outflow of $6.6 million from the three funds, bringing the total for the six spot ETFs to over $39 million. For context, the total trading volume on the first day of these ETFs’ listings, which typically represents a peak in capital inflows, was HK$87.58 million (approximately $11.2 million), according to data from the Hong Kong Stock Exchange.

Hong Kong Bitcoin Spot ETFs Still Hold Over $200 Million in Assets

As per SoSo Value’s data, the Bitcoin spot ETFs in Hong Kong had a net redemption of 519.5 Bitcoins on Monday, with the total Bitcoin holdings now standing at 3,560 units, and a daily trading volume of $4.25 million. Despite three consecutive days of net redemptions, these three funds still have a total net asset value of $219 million.

In terms of individual fund asset sizes, the Huaxia Bitcoin ETF leads with 1,690 Bitcoins; the Boshi HashKey Bitcoin ETF holds 989.93 Bitcoins; and the Jiashi International Bitcoin ETF holds 881.18 Bitcoins.

Furthermore, the Ethereum spot ETFs in Hong Kong saw a net redemption of 2,270 Ethereums on Monday, with the total Ethereum holdings now at 13,350 units, and a daily trading volume of $726,000. The three funds’ total net assets are approximately $39.12 million.

In terms of asset size, the Boshi Hashkey Ethereum ETF holds 6,300 Ethereums, while Huaxia and Jiashi International’s Ethereum ETFs hold 4,670 and 2,390 Ethereums, respectively.