Hong Kong & Australia Bitcoin ETF Inflows Hit Record High

Major Takeaways:

• The worldwide ETF revolution is showing no signs of slowing down, with Australian and Hong Kong products making big moves over the past week.
• Bitcoin’s resurgence has coincided with increased volume and inflows for major Aussie and Hong Kong BTC ETFs.
• Meanwhile, a third ASX-listed Bitcoin ETF is set to enter its first full week of trading after going live last Friday.

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Hong Kong & Australian Bitcoin ETF Inflow Overview

In crypto market, there’s no denying the significant impact exchange-traded funds are having, and will continue to have, over the crypto industry following the SEC’s approval in January this year. Notably, Spot Bitcoin ETFs Funds in Hong Kong and Australia have witnessed significant inflows and are starting to gain some momentum of their own in the crypto ETF sweepstakes.

Hong Kong’s Bitcoin ETFs have witnessed a notable surge in their Bitcoin reserves, amassing a total of 4,941 BTC as of July 13. This represents a significant 28.6% increase from the previous reserve of 3,842 BTC reported on June 21. This follows a down month in May for the Asian market, which saw record outflows following regulatory approval for both Bitcoin and Ethereum ETFs. While this substantial growth highlights the resurgence of confidence and interest in Bitcoin within the Hong Kong market.

Similarly, Australia’s Monochrome Bitcoin ETF (IBTC) has drawn significant attention. It has accumulated an influx of 83 BTC since its launch. This brings its total holdings closer to the 100 BTC mark. With global asset manager VanEck releasing the second Bitcoin ETF on Australia’s largest stock exchange (ASX), Aussie funds are starting to hit their stride.

Notably, the ETF craze isn’t set to stop there though. With the Australian market finally heating up, a third player is gearing up to shake up the ASX. On July 9, Australia’s DigitalX (DCC.AX)announced that it has obtained approval to list its Spot Bitcoin exchange-traded fund on the Australian Securities Exchange. This will make DigitalX the second asset manager after VanEck to secure approval for the ASX listing.

Related article: Australia’s DigitalX To List Spot Bitcoin ETFs On ASX

While Hong Kong and Australia recorded substantial inflows, the German government was on a selling spree. On July 12, the German government completed the liquidation of 50,000 BTC seized from the piracy website Movie2k. The final lot of 3,874 BTC was sold to Flow Traders while 3,094 BTC was shifted to an unmarked address.

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US Bitcoin ETFs Witness Record Inflows

In the United States, Bitcoin ETFs have also witnessed heavy accumulation, netting inflows of more than $1.1 billion last week. This represents the best weekly inflow recorded by U.S. Bitcoin ETFs since May. The total Bitcoin holdings by U.S. ETFs have reached an all-time high of 888,607 BTC, according to data from HODL15Capital.

On Friday, July 12, U.S. BTC ETFs recorded a total influx of $311 million with BlackRock’s IBIT leading the surge with $121 million of inflows. Moreover, Fidelity’s FBTC followed closely with $115 million in inflows. Also, it’s important to note that one of the Spot Bitcoin ETFs, including Grayscale’s GBTC, saw any outflows.

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Related article:Buy Bitcoin (BTC) Australia: A Comprehensive Guide For 2024

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