Hong Kong experienced outflows in its Ethereum ETFs on May 23, while Bitcoin ETFs in the region saw a net outflow of 25.63 BTC. The outflow was solely from the Bitcoin ETF managed by China Asset Management, which saw 25.63 BTC leave the fund.
Despite the outflows in Hong Kong, the US saw inflows in its ETFs. On May 23, 11 spot Bitcoin ETFs in the US attracted funds for the ninth consecutive day, totaling $107.91 million. This consistent inflow reflects the increasing interest and confidence in Bitcoin ETFs among US investors.
Furthermore, the US Securities and Exchange Commission (SEC) made a significant move on May 23 by approving 19b-4 forms for eight spot Ethereum ETFs. This approval, coupled with changing political dynamics and regulatory attitudes towards cryptocurrency investments, could lead to greater acceptance and investment in spot Ethereum ETFs in the US market.
Justin d’Anethan, APAC head of business development at Keyrock, a crypto market maker, commented on the situation in Hong Kong. He noted that the spot Ethereum ETF market in Hong Kong represents about 15% of the total local spot ETF assets under management (AUM), with the majority allocated to Bitcoin. D’Anethan suggested that this trend in Hong Kong might be indicative of what could happen in the US or other markets, as the inability to stake ETH in the funds makes spot Ethereum ETFs less appealing.
In terms of the current status of Bitcoin and Ethereum, BTC is trading at $67,254, experiencing a 3% decrease in the last 24 hours. ETH, on the other hand, is trading at $3,746, with a 0.51% decrease. These price movements reflect the overall market trend and investor sentiment influenced by regulatory developments and market activities in both Hong Kong and the US.
Please note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
