On Monday, May 13, the 6 bitcoin and ether spot ETFs traded in Hong Kong recorded their largest net outflows since their introduction.

Are Asian investors less interested in cryptocurrencies? On Monday, May 13, the 6 bitcoin and ether spot ETFs traded in Hong Kong recorded their largest net outflows since their introduction. More precisely, this Monday, 519 bitcoins came out of the three bitcoin spot ETFs and 2,270 ethers from the 3 ether funds.

After spot bitcoin ETFs in the United States, Hong Kong embarked on the adventure on April 30, with 6 six funds issued by three asset managers: Bosera Funds, China Asset Management (the subsidiary in Hong Kong) and Harvest Global Investments. Each company offers a bitcoin ETF and a spot ether ETF. Transactions can be made in Hong Kong dollars or US dollars, with China AMC also allowing transactions in yuan. To date, the China AMC has established itself as the leader in the spot ETF market, its two funds occupying more than 67% of the market share.

In Hong Kong, which intends to become an international crypto hub, these financial products are making a less sensational entrance than in the United States. On January 10, the American stock market watchdog (the SEC) has authorized 11 spot bitcoin ETFs, including that of Blackrock and Fidelity. An ETF (or Exchange Traded Funds) is an index fund trading on a stock exchange which follows the evolution of a stock index (or one or more financial or physical assets, such as gold) by replicating the increase as well as the drop in the price of this index (or these assets).

Source: https://www.bfmtv.com/crypto/bitcoin/a-hong-kong-les-etf-bitcoin-et-ether-spot-font-face-a-des-retraits-massifs_AV-202405140709.html



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