- After a slow start BTC and ETH ETFs in Hong Kong reached with weekly inflows of $300M.
- U.S. spot Bitcoin ETFs experienced withdrawals totaling an astounding $860 million.
Hong Kong’s extraordinary inflows of capital have thrust the region into the limelight, while the rest of the world’s digital asset ETF market has suffered losses during the previous week. As of now, the weekly flows in the Asian crypto ETF market are surpassing those in the U.S. Spot Bitcoin ETF market.
After a slow start with the introduction of Bitcoin and Ethereum ETFs in Hong Kong, a worldwide milestone was reached with weekly inflows of approximately $300 million. In contrast, speculation was stoked last week when U.S. spot Bitcoin ETFs experienced withdrawals totaling an astounding $860 million.
Impressive Performance
Moreover, data from CoinShares shows that, with the exception of Hong Kong and Brazil, the digital asset ETF market had substantial outflows this week. Also, with an impressive $299.9 million in weekly inflows, Hong Kong was first, followed by Brazil with $3.9 million.
Notable crypto ETF service providers based in Hong Kong include Harvest Global Investments Ltd., China Asset Management’s local business, HashKey Capital Ltd. and Bosera Asset Management (International) Co., and a cooperation between the two of them. Furthermore, the United States, Switzerland, Sweden, Germany, and Canada all saw significant withdrawals, which led to more speculation.
The most recent Federal Open Market Committee meeting, in which Jerome Powell maintained interest rates steady once again, seems to be the primary cause of the withdrawals from U.S. spot Bitcoin ETFs. Taken together, these factors allowed Hong Kong to surpass all others in terms of the amount of capital flowing into crypto-related exchange-traded funds (ETFs) throughout the world.
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