Key Points
- The Hong Kong spot bitcoin ETFs saw a decline in inflows on the second trading day.
- US spot bitcoin ETFs also experienced a net outflow on the same day.
The three spot bitcoin exchange-traded funds (ETFs) in Hong Kong experienced a decline in inflows on their second trading day.
The inflows stood at 174.73 BTC ($10.3 million), a significant drop compared to the 3,910 BTC ($240 million) inflow on the first trading day.
Understanding the Inflows
There is a caveat with the inflow data. ETF shares purchased via in-kind subscriptions of physical Bitcoin do not generate cash inflows denominated in dollar terms, hence they are not included in daily net inflow statistics.
Instead, the inflow metric used is in BTC, which measures the actual amount of bitcoin that flowed into or out of all ETFs on a specific trading day.
The three ETFs, managed by China Asset Management (ChinaAMC), Harvest, Bosera, and HashKey, held approximately 4,000 BTC as of Thursday.
The total net assets slightly declined to $235.7 million from $247.7 million on the first day of trading.
Individual ETF Performance
As of Thursday, the ChinaAMC Bitcoin ETF had about $115.6 million in net assets, making it the largest among the three spot bitcoin products.
Harvest’s ETF held about $62.4 million, while the Bosera HashKey Bitcoin ETF had approximately $57.7 million.
In contrast, spot bitcoin ETFs in the U.S. experienced a net outflow of $34.4 million on Thursday. This followed record-high outflows of $563.7 million the day before.
