U.S. Bitcoin Spot ETFs Net $66M Inflows As Hong Kong ETFs Fall Behind

Zinger Key Points
  • U.S. Bitcoin spot ETFs see a significant inflow, totaling $65.96 million on May 13, indicating rising investor confidence.
  • In contrast, the Hong Kong Bitcoin Spot ETF faces substantial withdrawals, with 519.5 Bitcoin redeemed.

The U.S. Bitcoin spot exchange-traded fund (ETF) market saw a positive turn on Monday, recording a combined net inflow of $65.96 million.

What Happened: This uptick comes amid a period of mixed signals in the broader cryptocurrency market, according to data from SoSoValue

Leading the charge was the Fidelity Wise Origin Bitcoin Fund FBTC with a single-day net inflow of $38.57 million.

The Bitwise Bitcoin ETF BITB also saw significant inflows, bringing in $20.26 million.

Notably, the Grayscale Bitcoin Trust GBTC did not experience any inflows or outflows on May 13.

This positive trend in the U.S. market stands in contrast to outflows witnessed in other regions.

Also Read: ‘Republicans Smell Blood In The Water:’ Uniswap CEO Warns Democrats Of ‘Swing States Level Miscalculation’ On Crypto

SoSoValue reported that the Hong Kong Bitcoin Spot ETF experienced its third consecutive day of net redemptions, with investors pulling out 519.5 Bitcoin in a single day.

This brings the total number of Bitcoin BTC/USD held by the fund down to 3,560, with total net assets currently at $219 million.

The contrasting fortunes of U.S. and Hong Kong Bitcoin ETFs highlight the fragmented nature of the global cryptocurrency market.

While U.S. investors appear to be cautiously re-entering the market, those in other regions may be taking a more cautious approach.

Understanding The Landscape: The Importance of Transparency

As the cryptocurrency landscape continues to evolve, these trends are expected to be a key topic of discussion at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

The event will explore the implications of these inflows and outflows on the broader digital asset market and what they signify for the future of financial technology and investment, particularly focusing on how diverse global markets interact with evolving digital asset frameworks.

Read Next: Bitcoin Up 3%: What Will Inflation Data And Powell Speech Bring This Week?

Image created using artificial intelligence with Midjourney.

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsTop Storiesbitcoin ETFHong KongStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!