{"id":8466,"date":"2024-05-14T07:20:15","date_gmt":"2024-05-14T07:20:15","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=8466"},"modified":"2024-05-14T07:00:48","modified_gmt":"2024-05-14T07:00:48","slug":"hong-kongs-bitcoin-and-ether-etfs-experience-major-setbacks","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/hong-kongs-bitcoin-and-ether-etfs-experience-major-setbacks\/","title":{"rendered":"Hong Kong’s Bitcoin and Ether ETFs Experience Major Setbacks"},"content":{"rendered":"\n

In a striking financial reversal, Hong Kong’s Bitcoin and Ether exchange-traded funds (ETFs) faced a severe blow on Monday, May 13, with a record $39 million in net outflows, erasing all gains accrued since their inception less than two weeks prior. This marked the largest single-day outflow since the launch of these crypto ETFs.<\/p>\n\n\n\n

Detailed Outflow Analysis<\/h3>\n\n\n\n

The net outflows primarily concentrated among three key ETF providers: Bosera, ChinaAMC, and Harvest Global. ChinaAMC’s Bitcoin ETF was hit hardest, recording $15.5 million in net outflows, according to data from Farside Investors. In total, the spot Bitcoin ETFs from these issuers experienced outflows of $32.7 million.<\/p>\n\n\n\n

On the other hand, the spot Ether ETFs from the same providers saw a combined outflow of $6.6 million. Notably, Harvest Global and ChinaAMC reported the largest individual outflows for Ether, totaling $3 million each.<\/p>\n\n\n\n

Also Read: Hong Kong\u2019s Harvest Aims to Bridge Bitcoin ETF to Mainland<\/a><\/p>\n\n\n\n

Since their trading debut on April 30, these ETFs have cumulatively posted $20.9 million in outflows, surpassing the $18.4 million in inflows recorded until May 10.<\/p>\n\n\n\n

Context and Market Dynamics<\/h3>\n\n\n\n

These ETF outflows coincided with a broader market downturn, with Bitcoin trading below $61,000 after its recent halving event on April 20, which reduced mining rewards by 50%. This event typically leads to a temporary drop in Bitcoin’s price as the market adjusts to the decreased supply flow.<\/p>\n\n\n\n

Compared to the U.S., which boasts 11 spot Bitcoin ETFs with over $50 billion in assets under management, Hong Kong’s crypto ETF market is relatively smaller, managing a total of $179.2 million. Bitcoin ETFs hold an 88.5% share of this total, with the rest allocated to Ether ETFs.<\/p>\n\n\n\n

This episode underscores the volatility and growing pains of the cryptocurrency investment landscape, particularly in emerging markets like Hong Kong.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a striking financial reversal, Hong Kong’s Bitcoin and Ether exchange-traded funds (ETFs) faced a severe blow on Monday, May 13, with a record $39 million in net outflows, erasing all gains accrued since their inception less than two weeks prior. This marked the largest single-day outflow since the launch of these crypto ETFs. Detailed […]<\/p>\n","protected":false},"author":6,"featured_media":7929,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[257,43],"tags":[],"class_list":{"0":"post-8466","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"category-general-news"},"acf":[],"yoast_head":"\nHong Kong's Bitcoin and Ether ETFs Experience Major Setbacks<\/title>\n<meta name=\"description\" content=\"In a striking financial reversal, Hong Kong's Bitcoin and Ether exchange-traded funds (ETFs) faced a severe blow on Monday, May 13, with a record $39\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cryptometer.io\/news\/hong-kongs-bitcoin-and-ether-etfs-experience-major-setbacks\/\" \/>\n<meta property=\"og:locale\" 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