Hong Kong's Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) saw a huge exodus on Monday, with net outflows totaling a staggering $39M. This single-day outflow erased all gains accumulated since their launch on April 30.
As reported by investment management firm Farside Investors, all six of Hong Kong's Bitcoin and Ether ETFs experienced significant bleeding, with Bosera, ChinaAMC, and Harvest Global taking the brunt of the impact. Spot Bitcoin ETFs from these issuers suffered a combined net outflow of $32.7M, with ChinaAMC's Bitcoin fund bearing the heaviest loss at $15.5M.
Spot Ether ETFs faced a similar fate, with their net outflows reaching $6.6M. Akin to their BTC counterparts, Harvest Global and ChinaAMC emerged as the leaders in outflows in the Ether category, each witnessing withdrawals of roughly $3M.
The staggering outflows on Monday marked the third consecutive trading day of net losses for Hong Kong's crypto ETFs. So far, a total of $52.5M has been drained from the funds since May 9.
