In a notable development, Hong Kong's spot bitcoin exchange-traded funds (ETFs) experienced their inaugural cumulative daily bitcoin outflows on Monday, marking a significant shift since their launch on the Hong Kong Stock Exchange on April 30. Interestingly, these outflows were solely attributed to China Asset Management's ETF.

Data from SosoValue revealed that ChinaAMC's spot bitcoin ETF witnessed an outflow of 75.36 bitcoins from the product on Monday, while the remaining two ETFs recorded no inflows. This change in trend comes after the three funds collectively recorded an inflow of 3,910 BTC on their maiden trading day.

However, it's important to consider a caveat associated with the SosoValue data. ETF shares obtained through in-kind subscriptions of "physical bitcoins" do not generate cash inflows denominated in dollar terms. Consequently, they are excluded from daily net inflow statistics. Instead, SosoValue utilizes the bitcoin-inflow metric to gauge the actual flow of bitcoins into or out of all ETFs on a specific trading day.

As of Monday, the three ETFs managed by ChinaAMC, Harvest, and both Bosera and HashKey collectively held approximately 4,150 bitcoins, with total net assets amounting to $266.8 million. This figure represents an increase from $247.7 million recorded on their inaugural trading day.

Further supporting these findings, data from Farside Investors indicated an outflow of $4.9 million from ChinaAMC's spot bitcoin ETF on Monday, while the remaining two ETFs witnessed no inflows.

Despite the outflows, the total trading volume for the three ETFs reached $8.6 million on Monday, indicating a slight uptick from $8.01 million recorded the previous Friday, according to SosoValue data.

In contrast, spot bitcoin ETFs in the U.S. saw a net inflow of $217.06 million on Monday, with Grayscale's GBTC fund registering its second consecutive daily net inflow.