Jerome Powell

Bitcoin ETF

Spot

In an unprecedented turn of events, while the global digital asset ETF market bled over the past week, Hong Kong stole the spotlight, noting remarkable inflows. Outpacing the U.S. Spot Bitcoin ETF market, the largest market with 63,487 AUM (Assets under management) in weekly flows, the Asian crypto ETF market appears to be gradually carving its own path.
Following a sluggish start witnessed with the launch of <a href="https://coingape.com/hk-bitcoin-ethereum-etf-12m-volume-is-impressive-bloomberg-analyst/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin &amp; Ethereum ETFs in Hong Kong</a>, nearly $300 million worth of weekly inflows recorded marked a monumental achievement across the globe. The U.S. spot Bitcoin ETFs, on the other hand, recorded outflows worth a staggering $860 million over the past week, stirring speculations.
<h2 id="hong-kong-leads-the-way">Hong Kong Leads The Way</h2>
According to data from CoinShares, the digital asset ETF market saw significant outflows this week, with Hong Kong and Brazil being the exceptions. Hong Kong led the way with remarkable $299.9 million weekly inflows, only to be followed by Brazil with $3.9 million weekly inflows.
Notably, Hong Kong hosts three major crypto-related ETF service providers: Harvest Global Investments Ltd., the local unit of China Asset Management, and a partnership between <a href="https://coingape.com/bosera-hashkey-huaxia-and-harvest-etfs-join-hong-kong-stock-exchange/" target="_blank" rel="noopener noreferrer nofollow">HashKey Capital Ltd</a>. and Bosera Asset Management (International) Co.
Whereas, it’s worth noting that the U.S., Switzerland, Sweden, Germany, and Canada registered substantial outflows, further igniting inferences.
The U.S. spot Bitcoin ETFs’ outflows appear to be primarily stemming from the recent <a href="https://coingape.com/fomc-meeting-today-live-updates-session-underway-what-to-expect/" target="_blank" rel="noopener noreferrer nofollow">FOMC meeting</a>, wherein Jerome Powell kept interest rates unchanged again. This, collectively, paved the path for Hong Kong to lead the way, registering the maximum amount of inflows surrounding crypto-related ETFs across the globe.
<img decoding="async" class="aligncenter wp-image-195060" src="https://coingape.com/wp-content/uploads/2024/05/Hong-Kong-BTC-ETH-ETFs.png" alt="Hong Kong BTC ETH ETFs" width="572" height="364" srcset="https://coingape.com/wp-content/uploads/2024/05/Hong-Kong-BTC-ETH-ETFs.png 1413w, https://coingape.com/wp-content/uploads/2024/05/Hong-Kong-BTC-ETH-ETFs-300x191.png 300w, https://coingape.com/wp-content/uploads/2024/05/Hong-Kong-BTC-ETH-ETFs-1224x778.png 1224w, https://coingape.com/wp-content/uploads/2024/05/Hong-Kong-BTC-ETH-ETFs-768x488.png 768w, https://coingape.com/wp-content/uploads/2024/05/Hong-Kong-BTC-ETH-ETFs-150x95.png 150w" sizes="(max-width: 572px) 100vw, 572px">
Also Read: <a href="https://coingape.com/kraken-subsidiary-is-major-beneficiary-of-bitcoin-etf-in-us-hk-bloomberg/" target="_blank" rel="noopener noreferrer nofollow">Kraken Subsidiary Is Major A Beneficiary Of Bitcoin ETFs In US &amp; HK: Bloomberg</a>
<h2 id="latest-data-on-u-s-spot-bitcoin-etfs">Latest Data On U.S. Spot Bitcoin ETFs</h2>
Further, per insights offered by Farside Investors UK, the net outflows from <a rel="noopener noreferrer nofollow" href="https://farside.co.uk/?p=997" target="_blank">U.S. spot Bitcoin ETFs</a> on Thursday, May 2, totaled $34.4 million, a minor blip compared to the whopping $563.7 million recorded on May 1, the day Powell announced unchanged rates. Besides, On May 2, BlackRock’s IBIT Bitcoin ETF, Fidelity’s FBTC, and Bitwise’s BITB recorded zero flows.
<a href="https://coingape.com/bitcoin-etf-outflows-rebound-to-34m-as-arkb-buys-the-dip/" target="_blank" rel="noopener noreferrer nofollow">Ark Invest’s ARKB</a> recorded $13.3 million inflows, followed by Valkyrie’s BRRR, Franklin Templeton’s EZBC, and Invesco Galaxy’s BTCO, which recorded $2.3 million, $3.4 million, and $1.5 million inflows, respectively. However, Grayscale’s GBTC noted $54.9 million in outflows, staging as the lion’s share in May 2’s outflows recorded.
Also Read: <a href="https://coingape.com/news/stocks/apple-stock-aapl-soars-6-pre-market-ai-big-buyback-plan/" target="_blank" rel="noopener noreferrer nofollow">Apple Stock (AAPL) Soars 6% Pre-Market Amid AI and Big Buyback Plan</a>
The post <a href="https://coingape.com/hong-kong-etf-hk-surpasses-us-noting-300m-inflows/" rel="noopener noreferrer nofollow">Hong Kong ETF: HK Surpasses US Noting $300M Inflows</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Hong Kong ETF: HK Surpasses US Noting $300M Inflows

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