The US market for Bitcoin exchange-traded funds (ETFs) is seeing renewed interest as Hong Kong prepares to debut its own spot Bitcoin ETFs on April 30. On April 24, these Bitcoin ETFs experienced net redemptions of $120 million and recorded their highest trading volume in a month.
Bitcoin ETF Volume Nears $4 Billion
Based on current information from analytics company Santiment, Bitcoin-related exchange-traded funds (ETFs) have seen a significant uptick in trading volume. The highest daily trading amount in the past month reached $3.62 billion across various ETFs such as $GBTC, $IBIT, $FBTC, $ARKB, $BTCO, and $HODL.
In the past five weeks, cryptocurrency markets have seen erratic sideways movements. However, the strong performance of these crypto ETFs has been interpreted as a good sign by analysts for the wider cryptocurrency market.
The Net Flows Turn Negative Again
Once more, Bitcoin spot ETFs have recorded negative net flows. According to Farside Investors’ data, there were substantial outflows in these ETFs yesterday, totaling $121 million.
On a notable day, GBTC from Grayscale witnessed the largest Bitcoin ETF outflow with a significant amount of $130 million being withdrawn. In contrast, FBTC by Fidelity stood out as the top-performing Bitcoin spot ETF with an impressive net inflow of approximately $5.61 million during the same timeframe. Following closely in the rankings were ARKB from Ark Invest and 21Shares, which recorded a daily net inflow of roughly $4.17 million.
It’s noteworthy that BlackRock’s Bitcoin ETF (IBIT) saw no new investments for the first time since it began, after 70 consecutive days of inflows. The fund currently manages over $15.4 billion in Bitcoin assets.
Alternatively, HashKey Exchange announced that the first-ever cryptocurrency subscriptions for Hong Kong Bosera International and HashKey Capital’s Bitcoin and Ethereum spot ETFs have been successfully finished.
Redeeming cryptocurrencies means keeping the underlying assets without immediately selling them, which can result in cost savings and improved liquidity. Starting from today, Hong Kong ETFs dealing with cryptocurrencies have started fundraising and are set to debut on the Hong Kong Stock Exchange on April 30th.
Excited to share that the first physical subscriptions for Bosera HashKey Bitcoin and Ethereum Spot ETFs have been successfully processed by HashKey Exchange in partnership with Bosera International and HashKey Capital!
This marks a significant milestone for…
— HashKey Exchange (@HashKeyExchange) April 25, 2024
James Seyffart, an analyst for Exchange-Traded Funds (ETFs) at Bloomberg, predicts that Hong Kong could soon experience intense competition among fees for Bitcoin and Ethereum ETFs. Harvest Fund Management is taking the initiative by eliminating all fees, making their post-discount fee the lowest at 0.3%.
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2024-04-25 09:25