Hong Kong Bitcoin, Ether ETF Wipes 2 Weeks Earnings in One Day

Hong Kong's Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) posted their biggest net inflows on Monday, May 13 — wiping out all the gains they'd made since launching two weeks ago.

Bosera, ChinaAMC and Harvest Global Spot Bitcoin ETF funds posted a net loss of $32.7 million, with ChinaAMC's Bitcoin fund as the biggest loser of the day with $15.5 million, according to data from Farside Investors.

Meanwhile, Ether ETFs from the same issuers saw a total collective net inflow of $6.6 million. Harvest Global and ChinaAMC tied for most of the spending at $3 million each.

Since Monday, April 30 trading, all funds have seen a combined total outflow of $20.9 million, which is more than the cumulative total inflow of $18.4 million since Friday, May 10.

Monday's withdrawal also marks the third consecutive trading day in which Hong Kong crypto ETFs posted net outflows, with a total of $52.5 million withdrawn from the fund since May 9.

It's also the first time the Harvest Global Bitcoin ETF has gone abroad, totaling $9.8 million.

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It comes as BTC trades below $61,000 over the weekend, which many believe is part of the post-halving collapse.

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The region's crypto ETF market is relatively small in terms of both funds and assets under management compared to the United States.

11 US Bitcoin ETFs have over $50 billion in assets under management. Hong Kong ETFs have $179.2 million, split between an 88.5% stake and the remaining space for Ether ETFs at SoSoValue.

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