Hong Kong’s Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) experienced their largest-ever net outflow on Monday, May 13. This significant withdrawal erased all gains since the ETFs' launch less than two weeks ago. Data from Farside Investors indicated that Bosera, ChinaAMC, and Harvest Global’s spot Bitcoin ETF funds saw net outflows of $32.7 million. The biggest hit was to ChinaAMC’s Bitcoin fund, which alone saw outflows of $15.5 million.

In addition to the Bitcoin ETFs, the spot Ether ETFs from the same issuers also experienced substantial net outflows, totaling $6.6 million. Both Harvest Global and ChinaAMC each reported outflows of $3 million from their Ether ETFs. By Monday, the total outflows since their April 30 launch reached $20.9 million, surpassing the $18.4 million in total inflows recorded by Friday, May 10.

Monday’s outflows continued a three-day streak of net outflows for Hong Kong’s crypto ETFs. Since May 9, investors have pulled a total of $52.5 million from these funds. This period also marked the first outflows for Harvest Global’s Bitcoin ETF, which lost $9.8 million.

The timing of these outflows coincides with Bitcoin trading below $61,000 over the weekend, which many attribute to a post-halving slump. On April 20, Bitcoin mining rewards were halved, a built-in scarcity mechanism that often leads to a temporary price decline as the market adjusts to the new issuance rate.

Hong Kong’s crypto ETF market remains significantly smaller compared to the United States. U.S.-based spot Bitcoin ETFs manage over $50 billion in assets, whereas Hong Kong’s ETFs have only $179.2 million under management. Of this, 88.5% is allocated to Bitcoin ETFs, with the rest in Ether ETFs, according to SoSoValue.