-
The
Hong
Kong-listed
spot
crypto
ETFs
saw
huge
outflows
on
Monday,
data
from
Farside
Investors
shows. -
Investors
pulled
nearly
$40
million
out
of
the
six
spot
bitcoin
and
ether
ETFs
on
the
first
day
of
the
week.
The
Hong
Kong-listed
spot
bitcoin
and
ether
exchange-traded
funds
(ETFs)
saw
heavy
outflows
on
Monday
following
bitcoin’s
drop
below
$61,000
on
Friday.
The
spot
bitcoin
ETFs
from
issuers
ChinaAMC,
Harvest
Global,
as
well
as
Bosera
and
Hashkey,
saw
a
combined
$32.7
million
outflows
on
Monday,
according
to
data
from
Farside
Investors.
This
number
is
significantly
higher
than
previous
outflows,
which
hovered
around
the
$6
million
mark.
Monday
marked
the
first
time
that
all
six
crypto
ETFs,
including
both
bitcoin
(BTC)
and
Ether
(ETH),
reported
negative
flows
since
their
launch
on
May
2.
Harvest
Global
had
previously
not
yet
seen
outflows
for
its
spot
bitcoin
fund.
The
spot
ether
ETFs
saw
$6.6
million
in
outflows
which
is
also
significantly
higher
than
past
numbers.
After
eight
days
of
trading,
investors
pulled
roughly
$13
million
out
of
the
six
ETFs,
a
disappointing
result
for
the
Asia-based
ETFs
when
compared
to
the
initial
excitement
phase
around
its
U.S.-listed
counterparts.
Many
industry
enthusiasts
have
pointed
out
that
the
overall
Hong
Kong-based
ETF
market
is
relatively
small,
with
about
$50
billion
in
assets.
In
comparison,
the
ETF
market
in
the
U.S.
is
estimated
at
approximately
$9
trillion
in
assets
under
management.
Some
rumors
suggested
that
mainland
Chinese
investors
had
gained
access
to
the
funds
via
Stock
Connect,
which
would
open
the
gates
for
a
far
bigger
investor
base,
but
Hong
Kong’s
stock
exchange
told
CoinDesk
earlier
on
Monday
that
that
rumor
was
false.