Ongoing withdrawals from US spot Bitcoin exchange-traded funds (ETFs) are evident in the latest data from the cryptocurrency market. As a result, US spot Bitcoin ETFs closed on April 29 with a net outflow of $51.5 million.
Interestingly, the primary contributor to these outflows was not the Grayscale Bitcoin Trust (GBTC). According to data from SoSoValue, the ARK 21Shares Bitcoin ETF topped the list with a net outflow of $31.34 million, followed by GBTC with a net outflow of $24.66 million. Fidelity Wise Origin Bitcoin ETF ranked third with a net outflow of $6.85 million.
Amidst these outflows, some US-listed spot Bitcoin ETFs experienced net inflows. Notably, Bitwise’s spot Bitcoin ETF led with a net inflow of $6.84 million. Additionally, Valkyrie Bitcoin ETF and Franklin Bitcoin ETF saw net inflows of $2.67 million and $1.82 million, respectively. On the other hand, other spot Bitcoin ETFs, such as BlackRock’s iShares Bitcoin Trust, ended the day with no net inflow.
Despite the recent net outflows, US spot Bitcoin ETFs have accumulated approximately $12 billion in net inflows since their regulatory approval and listing. However, trading volumes have been steadily declining since reaching their peak on March 5.
The attention of the cryptocurrency market is currently focused on the Asian market, particularly the Hong Kong Stock Exchange. Significant developments have taken place with the listing and trading of six spot Bitcoin and Ethereum ETFs.
The Hong Kong Exchanges and Clearing (HKEX) launched these ETFs, including Bosera HashKey Bitcoin ETF (3008.HK), Bosera HashKey Ether ETF (3009.HK), ChinaAMC Bitcoin ETF (3042.HK), ChinaAMC Ether ETF (3046.HK), Harvest Bitcoin Spot ETF (3439.HK), and Harvest Ether Spot ETF (3179.HK), in the early hours of the day.
The listing of Hong Kong Stock Exchange-listed ETFs signifies a significant expansion in the accessibility of cryptocurrency investment products in the Asian market. As investors worldwide navigate the changing landscape of crypto investments, the emergence of these ETFs provides additional opportunities for investing in cryptocurrencies and shapes the global investment landscape.
Disclaimer: The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
