The Hong Kong-listed spot bitcoin and ether exchange-traded funds (ETFs) saw heavy outflows on Monday following bitcoin’s drop below $61,000 on Friday.
The spot bitcoin ETFs from issuers ChinaAMC, Harvest Global, as well as Bosera and Hashkey, saw a combined $32.7 million outflows on Monday, according to data from Farside Investors. This number is significantly higher than previous outflows, which hovered around the $6 million mark.
Monday marked the first time that all six crypto ETFs, including both bitcoin (BTC) and Ether (ETH), reported negative flows since their launch on May 2. Harvest Global had previously not yet seen outflows for its spot bitcoin fund.
The spot ether ETFs saw $6.6 million in outflows which is also significantly higher than past numbers.
After eight days of trading, investors pulled roughly $13 million out of the six ETFs, a disappointing result for the Asia-based ETFs when compared to the initial excitement phase around its U.S.-listed counterparts.
Many industry enthusiasts have pointed out that the overall Hong Kong-based ETF market is relatively small, with about $50 billion in assets. In comparison, the ETF market in the U.S. is estimated at approximately $9 trillion in assets under management.
Some rumors suggested that mainland Chinese investors had gained access to the funds via Stock Connect, which would open the gates for a far bigger investor base, but Hong Kong’s stock exchange told CoinDesk earlier on Monday that that rumor was false.