In just one day, Hong Kong sees Bitcoin and Ether ETFs erase two weeks of inflow.

Hong Kong’s Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) experienced a substantial net outflow on May 13, resulting in the loss of all the gains they had made since their launch less than two weeks ago. According to Farside Investors data, Bosera, ChinaAMC, and Harvest Global’s spot Bitcoin ETF funds saw net outflows of $32.7 million, with ChinaAMC’s Bitcoin fund suffering the biggest loss of $15.5 million. The spot Ether ETFs from the same issuers also experienced net outflows totaling $6.6 million, with Harvest Global and ChinaAMC each losing $3 million. Since their trading launch on April 30, all these funds have seen a total outflow of $20.9 million, surpassing the $18.4 million in total inflows recorded by May 10. This marks the third consecutive trading day of net outflows for Hong Kong’s crypto ETFs, with a total of $52.5 million being withdrawn from the funds since May 9. Additionally, this is the first time Harvest Global’s Bitcoin ETF has seen outflows, amounting to $9.8 million. The outflows coincide with Bitcoin’s price trading below $61,000 over the weekend, which some attribute to a post-halving slump. On April 20, Bitcoin mining rewards were halved, leading to a decrease in Bitcoin’s price as the market adjusts to the new issuance schedule. Compared to the United States, Hong Kong’s crypto ETF market is much smaller in terms of funds offered and assets under management. The US has 11 spot Bitcoin ETFs with over $50 billion in assets, while Hong Kong’s ETFs have $179.2 million, with Bitcoin ETFs accounting for 88.5% and Ether ETFs occupying the remaining space, according to SoSoValue.