Bitcoin ETF Outflows Slow To $19.5M, Hong Kong Targeting April For Bitcoin ETF Launch

Zinger Key Points
  • The Hong Kong SFC plans to release a list of four approved Bitcoin spot ETFs on April 15, enhancing regional market transparency.
  • VanEck CEO Jan van Eck expressed concerns over the delayed response from the SEC regarding the approval of an Ethereum ETF.

Net outflows from Bitcoin BTC/USD spot ETFs slowed to $19.48 million on Tuesday, recording a slower outflow pace for exchange-traded funds compared to Monday.

What Happened: Grayscale’s Bitcoin Investment Trust GBTC experienced a significant single-day outflow of $154 million, while BlackRock’s iShares Bitcoin Trust IBIT saw a net inflow of $128 million on the same day.

Hong Kong Poised To Join The Bitcoin ETF Race

Meanwhile, anticipation is building in Asia as Hong Kong prepares to launch its own Bitcoin spot ETFs.

The Securities and Futures Commission (SFC) recently updated its virtual asset management fund list, a move seen as paving the way for a formal announcement on April 15 for the first batch of four spot Bitcoin ETFs.

Following this announcement, industry sources expect the Hong Kong Stock Exchange to take roughly two weeks to prepare these products for trading.

VanEck Casts Doubt On Ethereum ETF Approval Timeline

However, the outlook for a US-based Ethereum ETH/USD ETF remains less certain.

VanEck, a major ETF issuer, expressed concerns that approval before the May deadline is unlikely.

Unlike the Bitcoin ETF approval process, the US Securities and Exchange Commission (SEC) has yet to respond to applications submitted by potential issuers for Ethereum ETFs.

This lack of clear communication from the SEC creates uncertainty for both investors and issuers in the Ethereum ETF space.

Also Read: Grayscale CEO Hints At Slowdown In $15B Bitcoin ETF Outflows

The ongoing developments in Bitcoin and Ethereum ETF markets highlight the dynamic nature of cryptocurrency regulations and investment options.

As these markets evolve, investors need to stay informed to make sound decisions.

What’s Next: Benzinga’s upcoming Future of Digital Assets conference on Nov. 19 provides a valuable platform to gain insights into these evolving trends.

This conference gathers industry leaders and experts to discuss critical issues impacting the cryptocurrency market, including regulatory developments, the future of Bitcoin and Ethereum ETFs, and investment strategies for navigating the digital asset space.

Read Next: Bitcoin Drops As US Inflation Data Exceeds Forecasts

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