6 months ago
9 ARTICLE AD
Hong Kong's ETFs debut with success amid global crypto outflows.
Crypto products registered outflows for the fourth consecutive week, totaling over $1 billion in the period, according to asset management firm CoinShares. Despite the start of spot Bitcoin and Ethereum exchange-traded funds (ETFs) trading in Hong Kong, Bitcoin ETFs saw $156 million in outflows globally last week.
James Butterfill, head of research at CoinShares, suggests that the average purchase price of these ETFs since their inception has been around $62,200 per Bitcoin. With the price dipping 10% below this threshold, it likely activated a wave of automatic sell orders.
Image: CoinSharesBitcoin (BTC) saw $284 million in outflows, while Ethereum ended its seven-week streak of outflows, securing $30 million in inflows. A variety of altcoins also experienced positive investment, with Avalanche, Cardano, and Polkadot leading the pack with inflows of $0.5 million, $0.4 million, and $0.3 million, respectively.
Regionally, the US bore the brunt of the outflows, totaling $504 million. Canada, Switzerland, and Germany also experienced outflows of $9.6 million, $9.8 million, and $7.3 million, respectively.
In contrast, Hong Kong’s market shone with the successful debut of spot-based Bitcoin and Ethereum ETFs, which garnered $307 million in inflows in their first trading week.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
