Digital asset investments in the US experienced a notable $504 million outflow last week, while Hong Kong’s new ETFs contributed $307 million in inflows, offsetting potential losses, as per CoinShares data. So now, the total outflow stands at $251 million.
Price fluctuations likely triggered sell orders, resulting in capital outflows of $504 million in the U.S. Additional withdrawals were noted in Canada, Switzerland, and Germany, totaling $9.6 million, $9.8 million, and $7.3 million, respectively.
Bitcoin experienced the most substantial outflow, totaling $284 million, while other cryptocurrencies like Avalanche, Cardano, and Polkadot saw inflows of $500,000, $400,000, and $300,000, respectively. Ethereum broke its 7-week spell of outflows, seeing $30 million of inflows last week.
Notably, new exchange-traded products in Hong Kong generated $307 million in inflows, cushioning potential outflows. However, Hong Kong’s cryptocurrency ETFs need to catch up to their American counterparts, which have received only $22 million in investments to date.Â
On May 6, Hong Kong ETFs registered their initial cumulative outflow, primarily affecting ChinaAMC’s Bitcoin ETF with a $4.9 million outflow, totaling $1.7 million on the first trading day of the week, as per Farside Investors data.
The significant outflows from digital asset investments, along with the difference in investment volumes between Hong Kong and the U.S., indicate the changing nature of cryptocurrency markets and investor sentiments.
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