Skip to content
NewsHong KongBitcoinEthereumETFs

Hong Kong Crypto ETFs Erase Two Weeks' Inflows in One Day

$32.7 million was wiped out of the Hong Kong crypto ETF market on Monday

Table of Contents

Hong Kong's highly anticipated Bitcoin and Ethereum ETFs are continuing to disappoint.

Debuting on 30 April, Hong Kong's crypto ETFs hit the market with a rather lacklustre start, reeling in just $12 million in trading volume, inflows paled in comparison to the US market's $4.6 billion first day of Bitcoin ETFs.

Hong Kong Bitcoin, Ethereum ETFs Kick Off With Weak Start
Hong Kong’s highly anticipated Bitcoin and Ethereum ETFs launched this morning but small trading volumes are disappointing investors

Off to a weak start, Hong Kong's crypto ETFs have yet to come to full fruition. On Monday, ChinaAMC, Harvest Global, and Bosera and Hashkey, saw combined outflows of $32.7 million.

The figure is more than five times that of the previous highest outflow number of $6.3 million. Monday was also the first time that all six ETFs saw outflows since their debut, as well as Harvest Globla's first-ever day in the red. ChinaAMC’s Bitcoin fund was the biggest loser with outflows reaching $15.5 million.

Total outflows since the launch of these products have amounted to $20.9 million, eradicating the $18.4 million in total inflows as of Friday 10 May.

Hong Kong's disappointing figures come as Bitcoin struggles to stay above $63,000 since the Bitcoin halving event last month.

Can Bitcoin Miners Weather the Post-Halving Storm?
Bitcoin miner CleanSpark company remains optimistic, citing its strong financial position as a springboard for the future. But what of the wider industry?

However, the industry is still remaining optimistic for Hong Kong. Market maker Wintermute recently revealed it is providing liquidity to OSL and HashKey for Hong Kong's Bitcoin and Ethereum ETFs.

Additionally, LD Capital, Antalpha Ventures, and Highblock have announced the launch of a HK$1 billion (US$128 million) liquidity fund for Hong Kong ETFs.

Wintermute to Provide Liquidity For Hong Kong Crypto ETFs as HK$1 Billion Liquidity Fund Launches
Liquidity for Hong Kong’s new crypto ETFs is being supported by Wintermute as well as a HK$1bn fund established by Asian VCs

Online trading platform Tiger Brokers has also launched digital asset trading services in Hong Kong as the city continues to embrace the crypto sector.

Professional investors can now trade 18 cryptocurrencies as well as stocks, futures, US Treasury bonds and Hong Kong's Bitcoin ETFs. Such investors must have an investment portfolio valued at more than 8 million HKD and corporate entities with assets exceeding 40 million HKD.

Tiger Brokers Launches Crypto Trading in Hong Kong
Professional investors can now use Tiger Brokers to trade 18 cryptocurrencies, futures, US Treasury bonds and Hong Kong’s new Bitcoin ETFs