Hong Kong’s spot bitcoin ETFs see first outflows, solely from ChinaAMC

Hong Kong’s spot bitcoin exchange-traded funds recorded their first cumulative daily bitcoin outflows on Monday — solely from China Asset Management’s ETF — after debuting on the Hong Kong Stock Exchange on April 30.

ChinaAMC’s spot bitcoin ETF saw 75.36 BTC -0.87% leave the product yesterday, while the other two ETFs recorded zero inflows. That came after the three funds logged an inflow of 3,910 BTC on their first trading day, according to SosoValue data .

The caveat with the SosoValue data is that ETF shares bought via in-kind subscriptions of "physical bitcoins" do not generate cash inflows denominated in dollar terms, so they are not included in daily net inflow statistics, the data provider clarified. Instead, the firm uses the bitcoin-inflow metric, which measures how many bitcoins actually flowed into or out of all ETFs on a specific trading day.

The three ETFs — managed by ChinaAMC, Harvest, and both Bosera and HashKey — held about 4,150 bitcoins as of Monday, with total net assets amounting to $266.8 million from $247.7 million on the first day, according to SosoValue.

Farside Investors' data showed similar results. Its dashboard suggested that ChinaAMC’s spot bitcoin ETF saw an outflow of $4.9 million on Monday, while the other two experienced zero inflows.

The total trading volume for the three ETFs reached $8.6 million on Monday, up from $8.01 million last Friday, SosoValue data showed.

Meanwhile, spot bitcoin ETFs in the U.S. experienced a net inflow of $217.06 million on Monday, with Grayscale’s GBTC fund recording its second daily net inflow.