Hong Kong’s spot Bitcoin exchange-traded funds (ETFs) encountered their second daily net outflows on Thursday, marking a notable shift in investor sentiment since their launch on April 30.
According to data from SosoValue, approximately 90.16 BTC exited the spot Bitcoin ETFs on Thursday. China Asset Management’s spot Bitcoin ETF recorded an outflow of 80.16 BTC, while the Bosera HashKey Bitcoin ETF saw 10 BTC leave the product.
The recent outflows contrast with the inflows observed earlier in the week. On Wednesday, the ETFs recorded net inflows of 101.6 BTC, following inflows of 99.99 BTC on Tuesday. However, Monday saw the funds experience their first daily outflows, with 75.36 BTC flowing out of the products.
As of Thursday, the three ETFs managed by ChinaAMC, Harvest, and both Bosera and HashKey collectively held approximately 4,260 bitcoins, with total net assets amounting to $261.45 million. This marked an increase from the initial total net assets of $247.7 million on the first day of trading.
Despite the recent outflows, the total trading volume for the three ETFs reached $2.06 million on Thursday. However, this figure represented a decrease from $2.67 million the day before and a significant drop from the $9.74 million recorded on April 30.
Data from Farside Investors indicated that the three spot Bitcoin ETFs registered a total daily net outflow of $5.5 million.
In contrast, spot Bitcoin ETFs in the United States experienced a net outflow of $11.29 million on Thursday, reflecting varying investor sentiments across different markets.
The recent fluctuations in investor activity highlight the dynamic nature of the cryptocurrency market and the evolving preferences of investors in ETF products.