The latest data from Farside Investors indicates that Bitcoin and Ethereum ETFs are on the. Hong Kong stock exchange had an outflow of $39.3 million on Monday, May 13. Since the Hong Kong Crypto ETF Stock Exchange launched them on May 2, this has been the maximum accumulated outflow for institutional investment products. Bosera, China Asset Management, and Harvest spot Bitcoin funds have lost $32.7 million, and the three issuers’ Ethereum funds are at the point with a total of $6.6 million.
HK ETF Gains Wiped
The regular turnover rate is $4.25 million, and part of the net of 0.52 BTC was tied to the pool in this transaction, according to SoSoValue. Nevertheless, the funds still have 3,560 BTC, which is equivalent to about $222.5 million at the current price. The profits they have gained since the onset period have been wiped out by the substantial outflow of transactions, in the broader scope of things, at $20.9 million (Much more debited account).
The US experienced an upsurge in investor interest on May 13, when $66 million accumulated in the form of Bitcoin ETFs in one day. As the days came and went, the reversing direction from both sides had left $96 million out of the products in the past two trading days, but Monday’s influx cut it short.
The top three funds contributing to the inflow of $38.6 million were Fidelity’s FBTC fund, Bitwise BITB, and Grayscale’s GBTC. Skyrocketing has not occurred since May 1 through Bitwise, while BlackRock shows zero for the day recorded. Grayscale has been a stale ETF since its conversion to a spot ETF. It has lost approximately 330,650 BTC, of which $20 bis are million in today’s market prices.
Crypto Market Outlook
The total market cap for all cryptocurrencies amounts to $2.40 trillion. Which means it has increased by approximately 2% from the beginning of the day. The Hong Kong Crypto ETF market has had little volatility over time, with the exchange rates in the same area. Nonetheless, this week’s recent inflation reports are expected to shake things up. Bitcoin climbed to $63,000 on Tuesday during the primary trading in Asian time but had a slight drop. It currently trades at $62,500, as this post has written.
The consolidation phase has been quite prolonged. Thus, it has shed 15% of its value from the top. The different altcoins went through the same story as Ethereum; they did not rise as much as needed. To conquer $3,000 in resistance, and is currently trading at a low of $2,930. According to the report, the top altcoins are holding on in the green while Solana. Dogecoin, Shiba Inu, and Near Protocol, which are meme coins, are leading the comeback.
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