The Hong Kong Securities Exchange recently introduced spot Bitcoin exchange-traded funds (ETFs), marking a significant milestone for the region. On April 30, the ETFs commenced trading, and on May 6, the China Asset Management (ChinaAMC) spot Bitcoin ETF experienced its first daily outflow.
According to data, ChinaAMC’s spot Bitcoin ETF witnessed an outflow of 75.36 BTC on May 6, while the other two ETFs had no entries. This came after the three spot Bitcoin ETFs recorded an entry of 3,910 BTC on their first trading day, as reported by SosoValue.
SosoValue explained that BTCs acquired through in-kind subscriptions for ETF shares do not result in a cash entry in US dollars, and therefore, they are not included in the daily net entry statistics. Instead, the company uses the Bitcoin-Flow metric, which measures the actual number of BTCs that entered or exited all ETFs on a specific trading day.
As of May 6, the data provider revealed that the three spot Bitcoin ETFs managed by ChinaAMC, Harvest, and Bosera and HashKey collectively hold around 4,150 BTC. The total asset value in the funds, which amounted to $247.7 million on the first trading day, has now reached a net level of $266.8 million.
Farside Investors’ data supports the figures provided by SosoValue, confirming that ChinaAMC’s spot Bitcoin ETF experienced an outflow of $4.9 million on May 6, while the other two ETFs had no entries.
Moving on to the trading volume, SosoValue reported that the total trading volume for the three spot Bitcoin ETFs in Hong Kong reached $8.6 million on May 6. On May 3, the recorded trading volume for spot Bitcoin ETFs was $8.01 million.
Meanwhile, spot Bitcoin ETFs in the US witnessed a net entry of $217.06 million on the same day, with Grayscale’s converted GBTC spot ETF observing its second daily net entry.
It is important to note that the information provided in this article should not be considered investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
