Hong Kong Bitcoin ETFs fail to offset US ETF outflows

Despite the anticipation surrounding Hong Kong's ETF debut, the inflows remain dwarfed by the outflows from US-based ETFs, raising concerns about Bitcoin's (CRYPTO:BTC) price trajectory.

Hong Kong's ETFs witnessed $217 million in net inflows, while US ETFs saw $298 million in net outflows, indicating a significant disparity in market sentiment.

Institutional inflows from ETFs played a pivotal role in Bitcoin's recent rally, with US ETFs contributing substantially to the cryptocurrency's surge past $50,000 earlier.

However, the lackluster trading activity in Hong Kong ETFs on their debut suggests subdued market participation, although it could set a precedent for broader Asian crypto exposure.

With Bitcoin slipping below $60,000 post the ETF debut, there's speculation that failure to hold the $59,000 support level could prompt a retest of the $50,000 mark, according to market analysts.

Full story: https://grafa.com/news/hong-kong-bitcoin-etfs-fail-to-offset-us-etf-outflows-216863

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