In an unprecedented turn of events, while the global digital asset ETF market bled over the past week, Hong Kong stole the spotlight, noting remarkable inflows. Outpacing the U.S. Spot Bitcoin ETF market, the largest market with 63,487 AUM (Assets under management) in weekly flows, the Asian crypto ETF market appears to be gradually carving its own path.

Following a sluggish start witnessed with the launch of Bitcoin & Ethereum ETFs in Hong Kong, nearly $300 million worth of weekly inflows recorded marked a monumental achievement across the globe. The U.S. spot Bitcoin ETFs, on the other hand, recorded outflows worth a staggering $860 million over the past week, stirring speculations.

Hong Kong Leads The Way

According to data from CoinShares, the digital asset ETF market saw significant outflows this week, with Hong Kong and Brazil being the exceptions. Hong Kong led the way with remarkable $299.9 million weekly inflows, only to be followed by Brazil with $3.9 million weekly inflows.

Notably, Hong Kong hosts three major crypto-related ETF service providers: Harvest Global Investments Ltd., the local unit of China Asset Management, and a partnership between HashKey Capital Ltd. and Bosera Asset Management (International) Co.

Whereas, it’s worth noting that the U.S., Switzerland, Sweden, Germany, and Canada registered substantial outflows, further igniting inferences.

The U.S. spot Bitcoin ETFs’ outflows appear to be primarily stemming from the recent FOMC meeting, wherein Jerome Powell kept interest rates unchanged again. This, collectively, paved the path for Hong Kong to lead the way, registering the maximum amount of inflows surrounding crypto-related ETFs across the globe.

Also Read: Kraken Subsidiary Is Major A Beneficiary Of Bitcoin ETFs In US & HK: Bloomberg

Latest Data On U.S. Spot Bitcoin ETFs

Further, per insights offered by Farside Investors UK, the net outflows from U.S. spot Bitcoin ETFs on Thursday, May 2, totaled $34.4 million, a minor blip compared to the whopping $563.7 million recorded on May 1, the day Powell announced unchanged rates. Besides, On May 2, BlackRock’s IBIT Bitcoin ETF, Fidelity’s FBTC, and Bitwise’s BITB recorded zero flows.

Ark Invest’s ARKB recorded $13.3 million inflows, followed by Valkyrie’s BRRR, Franklin Templeton’s EZBC, and Invesco Galaxy’s BTCO, which recorded $2.3 million, $3.4 million, and $1.5 million inflows, respectively. However, Grayscale’s GBTC noted $54.9 million in outflows, staging as the lion’s share in May 2’s outflows recorded.

Also Read: Apple Stock (AAPL) Soars 6% Pre-Market Amid AI and Big Buyback Plan

The post Hong Kong ETF: HK Surpasses US Noting $300M Inflows appeared first on CoinGape.

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