In just one day, Hong Kong’s Bitcoin and Ether ETFs erase two weeks of inflow.

Hong Kong’s Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) experienced a record net outflow on May 13, erasing all the gains they had made since their launch less than two weeks ago. According to Farside Investors data, Bosera, ChinaAMC, and Harvest Global’s spot Bitcoin ETF funds saw a net outflow of $32.7 million. ChinaAMC’s Bitcoin fund was hit the hardest, with $15.5 million in outflows. The spot Ether ETFs from the same issuers had a total net outflow of $6.6 million, with Harvest Global and ChinaAMC each experiencing outflows of $3 million. Since their trading launch on April 30, these funds have seen a total outflow of $20.9 million, surpassing the total inflows of $18.4 million as of May 10. This marks the third consecutive trading day with net outflows for Hong Kong’s crypto ETFs, with a total of $52.5 million being withdrawn since May 9. Additionally, this is the first time Harvest Global’s Bitcoin ETF has seen outflows, amounting to $9.8 million. These developments coincide with Bitcoin trading below $61,000 over the weekend, which some attribute to a post-halving slump. The reduction in Bitcoin mining rewards, implemented on April 20, often leads to a decline in Bitcoin’s price as the market adjusts to the new issuance schedule. Compared to the United States, Hong Kong’s crypto ETF market is much smaller in terms of funds offered and assets under management. The US has 11 spot Bitcoin ETFs with over $50 billion in assets, while Hong Kong’s ETFs have $179.2 million, with 88.5% allocated to Bitcoin ETFs and the remaining portion for Ether ETFs, according to SoSoValue.