Hong Kong’s BTC and ETH ETFs experienced a slow start but eventually gained momentum with weekly inflows of $300 million. In contrast, U.S. spot Bitcoin ETFs saw massive withdrawals amounting to $860 million. This has put Hong Kong in the spotlight as the region’s extraordinary inflows have surpassed those in the rest of the world’s digital asset ETF market.
CoinShares data reveals that, except for Hong Kong and Brazil, the digital asset ETF market experienced substantial outflows. Hong Kong was the frontrunner with impressive weekly inflows of $299.9 million, followed by Brazil with $3.9 million.
Noteworthy crypto ETF service providers in Hong Kong include Harvest Global Investments Ltd., China Asset Management’s local business, HashKey Capital Ltd., Bosera Asset Management (International) Co., and their collaboration. On the other hand, countries like the United States, Switzerland, Sweden, Germany, and Canada witnessed significant withdrawals, leading to further speculation.
The recent Federal Open Market Committee meeting, where Jerome Powell maintained interest rates, appears to be the primary reason behind the withdrawals from U.S. spot Bitcoin ETFs. As a result, Hong Kong has emerged as the leader in terms of capital flowing into crypto-related ETFs worldwide.
In other crypto news today, Shibarium has successfully completed a hard fork, boosting its scalability.
