Spot ETFs in Hong Kong launch softened outflow from US funds

Main Points:

Bitcoin saw significant outflows, Ethereum experienced inflows, and various altcoins like Avalanche, Cardano, and Polkadot received investments. Hong Kong’s cryptocurrency ETF market is smaller compared to the US.

Bitcoin Outflows and ETF Market:

The outflow of investments in digital assets for the fourth consecutive week amounted to $251 million, with Bitcoin being the main focus. Capital outflows totaled $504 million in the United States, and outflows were also seen in Canada, Switzerland, and Germany.

Ethereum Inflows and Altcoins:

Ethereum broke its 7-week spell of outflows, receiving US$30 million of inflows. Influx was noted in various altcoins like Avalanche, Cardano, and Polkadot, with investments of $500,000, $400,000, and $300,000, respectively.

Hong Kong ETF Market:

Cryptocurrency ETFs in Hong Kong are behind their American counterparts, with a total investment of about $22 million to date. Daily trading volume remains low, and the recent launch of exchange-traded products in Hong Kong has helped mitigate potential outflows.

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