Hong Kong’s spot Bitcoin exchange-traded funds (ETFs) experienced net outflows for the second consecutive day on May 9. This indicates a notable shift in investor sentiment since their first trading day on April 30. A similar trend is observed in the US spot Bitcoin ETFs.
90.16 Bitcoins Withdrawn from Hong Kong’s Spot Bitcoin ETFs
According to data from SosoValue, approximately 90.16 BTC were withdrawn from three spot Bitcoin ETFs in Hong Kong on May 9, indicating a decline in investor interest compared to the initial trading days.
Among the three spot Bitcoin ETFs in Hong Kong, China Asset Management‘s spot Bitcoin ETF saw the largest outflow with 80.16 BTC. Bosera HashKey‘s spot Bitcoin ETF saw a smaller outflow of 10 BTC, while Harvest‘s spot Bitcoin ETF showed zero flow. This trend follows previous net inflow days recorded on May 8 and May 7, with 101.6 BTC and 99.99 BTC respectively.
The total trading volume of the three spot Bitcoin ETFs was $2.06 million on May 9, a significant drop from the $2.67 million recorded the previous day and the $9.74 million on April 30. Despite this decrease in trading volume, the total net assets of the three spot ETFs rose to $261.45 million as of May 9. The total net assets of the ETFs were $247.7 million on their first trading day.
Data from Farside Investors shows that the three spot Bitcoin ETFs in Hong Kong collectively experienced a net outflow of $5.5 million on that day. This reflects a shift in investor sentiment towards these products, likely influenced by market conditions or other external factors.
US Spot Bitcoin ETFs Also Saw Withdrawals on the Same Day
Meanwhile, the spot Bitcoin ETFs in the US also saw a net outflow of $11.29 million on May 9, indicating a general trend of investor caution or profit-taking in the cryptocurrency market. The simultaneous outflows in both Hong Kong and the US suggest a cautious approach among investors in the Bitcoin ETF sector.
In the face of these withdrawal trends, the largest cryptocurrency struggled to demonstrate strength. At the time this article was prepared, Bitcoin was trading up 2.71% in the last 24 hours at $62,991.
