According to CoinShares data, investments in digital assets saw a significant $251 million outflow last week, the first discernible withdrawals from newly launched U.S. exchange-traded funds (ETFs). The average price paid for a Bitcoin acquisition was $62,200.
Price changes most certainly led to sell orders, which caused $504 million in capital outflows from the US economy. A total of $9.6 million, $9.8 million, and $7.3 million in additional withdrawals were reported from Canada, Switzerland, and Germany, respectively.
With a total outflow of $284 million, Bitcoin was the most heavily affected cryptocurrencycurrency. In contrast, inflows into Avalanche, Cardano, and Polkadot were $500,000, $400,000, and $300,000, respectively.
According to Farside Investors data, on May 6, Hong Kong ETFs recorded their first cumulative outflow, which was mostly concentrated in ChinaAMC’s Bitcoin ETF and totaled $4.9 million on the first trading day of the week.
US Investments Outpace Hong Kong ETFs
Notably, Hong Kong’s new exchange-traded products brought in $307 million, which helped to offset any possible withdrawals. Still, with only $22 million invested thus far, Hong Kong’s cryptocurrencycurrency ETFs need to catch up to their American counterparts.
The notable withdrawals from digital asset investments and the disparity in investment volumes between the U.S. and Hong Kong point to the evolving cryptocurrencycurrency marketplaces and investor attitudes.
Also read: Chinese Equity Funds Seek Approval to Launch Spot Bitcoin ETFs in Hong Kong