The spot bitcoin ETFs from issuers ChinaAMC, Harvest Global, Bosera and Hashkey saw a combined $32.7 million in outflows on Monday, according to data from Farside Investors. This marks a significant increase from previous outflows, which typically hovered around $6 million.
Significantly, Monday marked the first time that all six crypto ETFs, including both bitcoin (BTC) and Ether (ETH), reported negative flows since their launch on May 2. Notably, Harvest Global's spot bitcoin fund had not previously experienced any outflows.
The spot ether ETFs also saw a substantial rise in outflows, reaching $6.6 million, which is significantly higher than past figures.
After eight days of trading, investors pulled roughly $13 million out of the six ETFs. This result is disappointing for the Asia-based ETFs, especially when compared to the initial excitement surrounding their U.S.-listed counterparts.
Many industry enthusiasts have pointed to the relatively small size of the overall Hong Kong-based ETF market, with about $50 billion in assets. In stark contrast, the ETF market in the U.S. boasts an estimated $9 trillion in assets under management.
Rumors circulated suggesting that mainland Chinese investors had gained access to the funds via Stock Connect, which would significantly expand the investor base. However, Hong Kong's stock exchange refuted these rumors.
