As an analyst with extensive experience in the cryptocurrency market, I find Monday’s developments in Hong Kong’s Bitcoin and Ethereum ETFs quite intriguing. The $39.3 million total outflow is a significant reversal of fortune for these funds, which had been seeing positive net flows since their launch on May 2. The sudden exit of institutional investors from the Hong Kong market erased all gains and left a negative balance of $20.9 million.
According to initial figures from Farside Investors, on May 13, 2023, a total sum of $39.3 million was withdrawn from Hong Kong’s Bitcoin and Ethereum ETFs for spot markets.
The institutional investment products have seen the greatest amount of outflow on the Hong Kong Stock Exchange since their debut on May 2.
Three issuers – Bosera, China Asset Management, and Harvest – experienced collective losses of $39.3 million in their Bitcoin funds. Meanwhile, their Ethereum funds reported losses totaling $6.6 million.
HK ETF Gains Wiped
As a crypto investor following SoSoValue’s latest report, I’ve learned that the funds experienced a significant outflow of 519.5 BTC or approximately $28.3 million based on current prices in a single day. The daily trading activity amounted to $4.25 million. Currently, these funds hold around 3,560 BTC equivalent to an estimated market value of approximately $222.5 million.
A large outward flow of funds has occurred, resulting in a net loss of $20.9 million and wiping out any previous positive gains since the launch.
On May 13, Bitcoin ETFs in the US experienced a significant increase in investment, with approximately $66 million flowing in each day, bringing a sense of optimism to the cryptocurrency market scene.
The flows between the two directions have reached a stable point as of now. However, on Monday, there was an inflow of approximately $96 million, disrupting the recent trend where over $96 million exited the products during the last two trading days.
Among the funds, Fidelity’s FBTC fund stood out with an impressive inflow of $38.6 million. Bitwise BITB came in second, attracting $20.3 million worth of investments. BlackRock’s fund didn’t add any new assets but has not reported any outflows since May.
Bitcoin ETF Flow (US$ million) – 2024-05-13
TOTAL NET FLOW: 66
(Provisional data)
IBIT: 0
FBTC: 38.6
BITB: 20.3
ARKB: 0
BTCO: 0
EZBC: 0
BRRR: 0
HODL: 7.1
BTCW: 0
GBTC: 0
DEFI: 0
For all the data & disclaimers visit:
— Farside Investors (@FarsideUK) May 14, 2024
As a crypto investor, I’ve noticed that Grayscale’s GBTC experienced no net inflows or outflows in a single day recently, with the outflows beginning to decelerate. Since its transition into a spot Bitcoin ETF, this fund has lost approximately 330,650 BTC, equivalent to around $20 billion at present prices.
Crypto Market Outlook
The cryptocurrency market has experienced a 2% growth today, bringing its collective value to approximately $2.4 trillion. For the past month, the markets have been relatively stable around this figure, yet upcoming inflation figures may introduce some volatility.
As a crypto investor, I’ve witnessed Bitcoin reaching an impressive milestone of $63,000 during early trading hours in Asia on Tuesday. However, it has experienced a slight pullback since then and is currently trading at around $62,500. Despite this dip, Bitcoin still sits 15% below its all-time high, indicating ongoing consolidation within the market.
As a researcher studying Ethereum price trends, I’ve noticed that its price behavior bears some resemblance to a specific pattern. However, despite exhibiting this pattern, Ethereum’s gains fell short of surmounting the resistance level at $3,000. Consequently, Ethereum remains somewhat weak and is currently priced at around $2,930.
As an analyst, I’ve observed that the altcoin market was predominantly showing green trends at the time of my analysis. Notably, Solana, Dogecoin, Shiba Inu, and Near Protocol stood out as top performers during this period, fueling a meme coin resurgence.
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2024-05-14 08:36