Hong Kong ETF Lifts BTC Price as US Counterpart Sees Fourth Consecutive $51 Million Outflow

The U.S. Bitcoin Exchange-Traded Funds (ETFs) continue to experience significant outflows for the fourth consecutive day, with over $51 million withdrawn, while Hong Kong witnesses the debut of these investment vehicles.

The U.S. ETFs tracking Bitcoin's spot price saw a combined net outflow of $51.6 million on Monday, April 29, marking a notable shift in investor sentiment after a week of substantial withdrawals.

Continued Outflow Seen in U.S. Bitcoin ETF

The outflows were particularly pronounced in Grayscale's Bitcoin Trust (GBTC), which saw a hefty $24.7 million pulled out, and ARK Invest's ETFs, which experienced a notable decrease of $31.3 million in their portfolios.

However, Blackrock's ETFs maintained stability, reporting zero flows, according to data from Farside UK. Conversely, the Bitwise Bitcoin ETF saw a noteworthy inflow of $6.8 million, signaling a rebound.

Fidelity Wise's FBTC experienced a surge in outflows, with $6.9 million withdrawn. Valkyrie's BRRR Bitcoin ETF attracted $2.7 million in inflows, while Franklin Templeton's EZBC ETF reported an influx of $1.8 million.

Last week marked the weakest performance for Bitcoin ETFs, with a total outflow of $328 million across various funds. Notably, Grayscale's GBTC led the pack in withdrawals. Meanwhile, the BlackRock Bitcoin ETF continued to report zero flows.

Bitcoin Maintain Steady Price

Despite the ongoing outflows, the price of Bitcoin has remained steady at $63,500. The recent introduction of Hong Kong ETFs has injected a new dynamic into the market.

Following their launch, anticipation-driven buying and selling activity was observed during the initial trading hours.

Contrary to the overall trend, MicroStrategy CEO Michael Saylor, a prominent Bitcoin advocate, has continued to increase his holdings. He recently acquired an additional 112 BTC at an average price of $64,000.

Saylor's consistent buying strategy, along with similar actions from entities like Tether and El Salvador, is viewed as a catalyst for potential future price increases.

Furthermore, the launch of Bitcoin ETFs in Hong Kong has contributed to the recent price surge of BTC.

At the time of writing, the price of BTC was up by 1.82% to $63,385.73 on Tuesday, April 30, with a market cap of $1.24 trillion. Additionally, BTC trading volume surged 23.81% to $25.25 billion in the last 24 hours.