Hong Kong’s cryptocurrency market experienced notable movements on Thursday, with three spot Bitcoin exchange-traded funds (ETFs) recording net outflows of 25.63 BTC. In contrast, the region’s spot Ethereum ETFs remained stable, reporting no new inflows or outflows.
Hong Kong’s Spot Bitcoin ETFs See Outflows, While Ethereum ETFs Remain Stable
The total net assets of Hong Kong’s three spot Bitcoin ETFs stood at $254.74 million as of Thursday, according to SosoValue data.
In the Ethereum market, Hong Kong’s three spot Ethereum ETFs remained unchanged with zero flows on Thursday. This was followed by an entry of 62.8 ETH on Wednesday. The combined net assets of these Ethereum ETFs were worth $50.83 million.
Meanwhile, in the United States, the cryptocurrency ETF landscape has shown opposite trends. The 11 spot bitcoin ETFs in the U.S. reported their ninth consecutive day of inflows on Thursday, attracting a significant $107.91 million.
This influx of investment coincided with the U.S. Securities and Exchange Commission’s approval of 19b-4 forms for eight spot Ethereum ETFs and reflected changing political dynamics among lawmakers.
Justin d’Anethan, head of APAC business development at crypto market maker Keyrock, commented on the divergent performance of ETH spot ETFs.
“Admittedly, the ETH spot ETF in Hong Kong accounts for approximately 15% of the total local spot ETF AUM, with the remainder allocated to BTC. A similar proportion can be expected in the US or abroad,” he said.
“This is likely due to the fact that no staking rewards have been offered so far, making spot ETH ETFs an inferior investment product compared to native tokens.”
*This is not investment advice.
From: coingape
Crypto News
