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The US spot Bitcoin exchange-traded fund (ETF) market is currently experiencing increased activity in anticipation of the launch of spot Bitcoin ETFs in Hong Kong on April 30. According to data, US ETFs recorded a net outflow of $120 million on April 24, while trading volumes reached the highest level in the last four weeks.
Current State of US Spot Bitcoin ETFs
Data provided by the on-chain analysis firm Santiment shows a significant increase in spot Bitcoin ETF volume, reaching a daily total of $3.62 billion, the highest in the last four weeks. This increase covers various ETFs including GBTC, IBIT, FBTC, ARKB, BTCO, and HODL, indicating a rise in investor interest and activity in the ETF market.
Despite recent sideways movement in the cryptocurrency market, analysts interpret the strong performance of these ETFs as a positive indicator for the market, demonstrating sustained investor confidence despite market fluctuations.
However, net inflows to spot Bitcoin ETFs have returned to negative territory, with total net outflows reaching $121 million the previous day. Specifically, Grayscale‘s spot Bitcoin ETF, GBTC, saw the largest net outflow of $130 million, while Fidelity‘s FBTC had the highest net inflow of $5.61 million during the same period. BlackRock‘s ETF, IBIT, despite holding over $15.4 billion in BTC, recorded zero net inflows for the first time since its inception.
Hong Kong’s Crypto ETFs Prepare for April 30 Launch
Meanwhile, Hong Kong’s first licensed cryptocurrency exchange HashKey Exchange, along with Hong Kong Bosera International and HashKey Capital, announced the successful completion of the initial crypto subscription for their spot Bitcoin ETF and spot Ethereum ETF. From today, fundraising activities for these ETFs can commence ahead of their listing on the Hong Kong Stock Exchange on April 30.
Bloomberg ETF analyst James Seyffart anticipates potential fee competition in the Hong Kong crypto ETF market, particularly concerning Bitcoin and Ethereum ETFs. In response, Harvest is making a strategic move to attract investors to its ETFs by offering a complete fee waiver and setting the lowest post-waiver fund management fee at 0.3%, amid increasing competition in Hong Kong’s ETF market.
