As a crypto investor with some experience in the market, I’ve seen my fair share of ups and downs. The recent developments in Hong Kong’s Bitcoin and Ether ETF market have caught my attention, and not in a good way.
On May 13, Hong Kong’s Bitcoin and Ether exchange-traded funds experienced their greatest withdrawal of assets in total since their debut approximately two weeks prior, erasing any previous price increases they had achieved.
According to Farside Investors’ data, the Bitcoin ETF funds managed by Bosera, ChinaAMC, and Harvest Global experienced total net withdrawals of approximately $32.7 million. Among these, ChinaAMC’s Bitcoin fund recorded the largest outflow on that day with around $15.5 million being taken out.
Concurrently, Ether exchange-traded funds (ETFs) from the same providers recorded a combined total withdrawal of $6.6 million. Harvest Global and ChinaAMC led the way with withdrawals of $3 million apiece.
Beginning on Monday, a cumulative amount of $20.9 million has been withdrawn from all funds since their launch on April 30. This figure surpasses the $18.4 million in new investments that were made between Friday, May 10.
As a researcher studying the cryptocurrency market trends, I’ve observed that for the third consecutive day this week, Hong Kong’s crypto exchange-traded funds (ETFs) experienced net outflows. The total amount withdrawn from these funds amounts to $52.5 million since May 9.
It’s also the first time Harvest Global’s Bitcoin ETF saw outflows, which totaled $9.8 million.
Over the past weekend, Bitcoin dipped below the $61,000 mark, fueling speculation among market observers that this downturn might be a result of the recent halving event.
The reward for mining Bitcoin was reduced by half starting from April 20th. This is a built-in feature of the blockchain, which usually results in a decrease in Bitcoin’s value as the market adjusts to the altered supply rate.
The crypto ETF market in this region is much less developed than in the US, with fewer funds available and fewer assets managed.
As a researcher investigating the global landscape of cryptocurrency exchange-traded funds (ETFs), I’ve come across some intriguing data. In the United States alone, Bitcoin ETFs under my observation manage over $50 billion in assets. Conversely, Hong Kong’s scene is relatively smaller, with Bitcoin ETFs accounting for approximately $179.2 million. A noteworthy proportion, about 88.5%, of this amount is dedicated to Bitcoin ETFs. The remaining portion, a mere 11.5%, is allotted to Ether ETFs.
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2024-05-14 03:56