![The Week’s Biggest Crypto Gainers and Losers: PENDLE Soars, WLD Plummets The Week’s Biggest Crypto Gainers and Losers: PENDLE Soars, WLD Plummets](https://static.news.bitcoin.com/wp-content/uploads/2024/05/winnder-768x432.jpg)
Net outflows for Hong Kong’s crypto ETFs reached a record $39 million on Monday with bleeding felt across all six funds.
Hong Kong’s Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) posted the largest-ever net outflow on Monday, May 13 — wiping all gains they’ve made since launching under two weeks ago.
Bosera, ChinaAMC and Harvest Global’s spot Bitcoin ETF funds posted net outflows of $32.7 million, with ChinaAMC’s Bitcoin fund coming in as the biggest loser on the day with $15.5 million in outflows, according to Farside Investors data.
Meanwhile, spot Ether ETFs from the same issuers saw total joint net outflows of $6.6 million. Harvest Global and ChinaAMC tied for most outflows with $3 million each.
ETH price action currently focuses on a key line in the sand for Ethereum short-term holders.
Ethereum's Ether (ETH) has “underperformed” compared to Bitcoin (BTC) this cycle, and new holders now risk falling into losses.
In the latest edition of its newsletter, “The Week On-Chain” on May 7, analytics firm Glassnode revealed the role of speculators in ETH price support.
Both Bitcoin and Ether have seen downside price action following the former’s latest block subsidy halving in April.
SEC Chair Gary Gensler says he gets an “outsized ratio” of questions about crypto despite its relatively small size compared to the overall financial market.
The head of the United States securities regulator, Gary Gensler, appears to be getting fed up with answering questions about crypto — recently commenting he receives an “outsized ratio” of questions about it compared to traditional finance.
“Crypto is a small piece of our overall markets,” Gensler said on CNBC’s Squawk Box on May 7 responding to a question on where the Securities and Exchange Commission’s priorities lie.
Gensler inferred a comparison between the “$110 trillion capital market” the SEC oversees and the $2.4 trillion crypto market — claiming much of the latter doesn’t comply with U.S. securities laws so it has “an outsized piece of the scams and frauds and problems in our markets.”
The Securities and Exchange Commission has delayed making a decision on Invesco Galaxy’s application for an Ether ETF, with the next deadline on July 5.
The United States Securities and Exchange Commission has delayed its decision on Galaxy Invesco’s application for a spot Ether (ETH) exchange-traded fund (ETF).
In a May 6 filing, the SEC gave itself another 60 days to make a call on the Galaxy’s ETF, with the next deadline set to July 5.
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC wrote.
The exchange-traded funds only managed to attract around $22.5 million inflows during their first week of launch.
Hong Kong spot Bitcoin exchange-traded funds (ETFs) are far underperforming their U.S. counterparts in the first week of launch.
According to data compiled by Farside Investors, the three spot Bitcoin (BTC) ETFs that launched on April 30 in the East Asian City have attracted a total of $262 million in assets under management (AUM), the vast majority of which was subscribed to before the listing. Meanwhile, their asset inflows amounted to less than $14 million in the first week of launch, far below the billions that flowed into U.S. spot Bitcoin ETFs in January.
“In our view, the launch of the Bitcoin and Ethereum ETFs in Hong Kong, is a far less significant moment that the US ETFs,” Farside Investors commented. Meanwhile, Hong Kong spot Ether (ETH) ETFs, the first of their kind in the world, also did not impress, with a cumulative $54.2 million in AUM and $9.3 million in total inflows as of May 6.