Journalist
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Key Takeaways
What sort of flows have Hong Kong ETFs attracted?
They noticed $9 million in web outflows on YTD after the early This autumn risk-off transfer.
Which property are Asian buyers focusing on?
BTC dominated in AUM, however most buying and selling exercise was parked in XRP, ETH and USDT.
Asia was among the many areas that have been in a risk-off mode final week. Hong Kong, specifically, noticed $24.5 million in weekly and month-to-month outflows, underscoring buyers’ warning because the crypto market’s correction continued with no reduction in sight.
Nonetheless, U.S buyers have been probably the most aggressive sellers, offloading over $1.2 billion value of crypto invested by way of ETFs and different structured merchandise. That’s 50x the promoting stress of Hong Kong.
Supply: CoinShares
Even so, the U.S nonetheless has extra web property underneath administration (AUM) throughout the board ($145.7 billion). Switzerland was ranked second in web property, whereas Hong Kong had $629 million in AUM. Practically half of this may be attributed to Bitcoin [BTC]-related merchandise.
Hong Kong ETF traction
Hong Kong Spot crypto ETFs started with Bitcoin-related listings, which debuted in April 2024 – About three months after the U.S launched its merchandise.
The Spot Ethereum [ETH] ETFs have been additionally launched on the identical day, however Solana [SOL] merchandise debuted in late October 2025.
Notably, the ETFs scene in Hong Kong is being pushed by three main gamers – ChinaAMC, Bosera and Harvest.
On the time of writing, SoSo Worth knowledge indicated that Spot BTC ETFs had a complete web asset worth of $381.6 million.
Supply: SoSo Worth
For Spot ETH ETFs, the AUM was $111 million, whereas SOL-related merchandise have to this point attracted $10.5 million in November. In distinction, the U.S Spot SOL ETF has amassed $574 million in web property, underscoring the numerous distinction in demand.
That stated, the approval of BTC, ETH, and SOL has additionally formed buying and selling dynamics among the many high Hong Kong-based crypto exchanges. HashKey, for instance, recorded the highest buying and selling volumes for BTC, ETH, USDT, and SOL.
In comparison with South Korea’s Upbit alternate, XRP had probably the most dominant buying and selling quantity, adopted by USDT, BTC, ETH, and eventually SOL.
In different phrases, Asia traded altcoins greater than Bitcoin, and XRP led the traction throughout South Korea. Quite the opposite, ETH has been dominant in Hong Kong.
Total, the ETF scene is a game-changer in Hong Kong. Nonetheless, their efficiency has been slower in comparison with their U.S counterparts. Whether or not the demand for them will enhance after the current regulatory overhaul stays to be seen.