Hong Kong Bitcoin ETFs not enough to absorb US ETF selling pressure

Despite the excitement around the Hong Kong ETF debut, the inflows are only a fraction of the selling from the U.S. ETFs. Could Bitcoin price revisit the $50,000 mark next?

The inflows are less than the $298 million worth of net outflows generated by the 11 U.S. spot Bitcoin ETFs this week, according toFidelity’s Wise Origin Bitcoin Fund accounted for the majority of May 1 outflows, selling over $191 million worth of Bitcoin. Grayscale’s GBTC fund accounted for the second-largest daily outflows, selling $167.4 million worth of BTC on May 1, according toonly amassed $12.

“These ETFs open up Asian markets to crypto exposure, which can likely push prices up in the long term as more countries likely follow the footsteps of Hong Kong as well."t for Bitcoin holders, as BTC fell below the $60,000 psychological mark on May 1, a day after the debut of the new ETFs.Bitcoin lost a strong support line at $59,000, which also acted as the short-term holder realized price , or the average inflow price of the ETFs.

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