Bitcoin had the largest outflow at $284M, while Avalanche, Cardano, and Polkadot saw inflows of $500K, $400K, and $300K, respectively.
Hong Kong Spot ETFs Ease US Outflow in Digital Assets.
Digital asset investments experienced a notable $251 million outflow last week, marking the first measurable outflows from new U.S. ETFs, with an average Bitcoin purchase price of $62,200, as per CoinShares data.
Price fluctuations likely triggered sell orders, resulting in capital outflows of $504 million in the U.S. Additional withdrawals were noted in Canada, Switzerland, and Germany, totaling $9.6 million, $9.8 million, and $7.3 million, respectively.
Bitcoin experienced the most substantial outflow, totaling $284 million, while other cryptocurrencies like Avalanche, Cardano, and Polkadot saw inflows of $500,000, $400,000, and $300,000, respectively.
Notably, new exchange-traded products in Hong Kong generated $307 million in proceeds, cushioning potential outflows. However, Hong Kong’s cryptocurrency ETFs need to catch up to their American counterparts, receiving only $22 million in investments to date.
On May 6, Hong Kong ETFs registered their initial cumulative outflow, primarily affecting ChinaAMC’s Bitcoin ETF with a $4.9 million outflow, totaling $1.7 million on the first trading day of the week, as per Farside Investors data.
The significant outflows from digital asset investments, along with the difference in investment volumes between Hong Kong and the U.S., indicate the changing nature of cryptocurrency markets and investor sentiments.