U.S. Bitcoin ETF Inflows Tower Over Hong Kong’s as Regional Investors Favor Stocks
The gap between U.S. and Hong Kong interest in crypto ETFs widened last week, with U.S.-listed bitcoin funds drawing billions in inflows, while Hong Kong’s equivalents remained on the sidelines amid a broader preference for equities.
According to CoinShares data, global digital asset investment products saw $4.39 billion in inflows for the week ending July 21, with U.S. ETFs accounting for $4.36 billion of that total. By contrast, Hong Kong-listed crypto ETFs attracted just $14.1 million over the same period.
Despite solid interest in Hong Kong’s overall ETF market—totaling $880 million in net inflows from July 14 to 18—crypto products made up just 1.6% of that activity, according to Hong Kong Exchanges and Clearing (HKEX). Equity-focused funds continued to dominate investor attention.
In the U.S., crypto funds were one of the few asset classes seeing strong demand, even as equity ETFs experienced $11.75 billion in outflows and bond ETFs gained $5.55 billion. The inflows highlight how bitcoin ETFs are becoming an increasingly attractive institutional vehicle in Western markets.
Market observers believe Hong Kong’s muted performance could shift if capital from mainland China is allowed to access crypto ETFs via regulated pathways like the Qualified Domestic Institutional Investor (QDII) scheme. Such a framework would enable Chinese investors to gain exposure to crypto indirectly—without violating domestic restrictions.
“Mainland investors could access Hong Kong-listed bitcoin ETFs through licensed intermediaries, much like they do with overseas stocks or funds,” said Red Date Technology CEO Yifan He, speaking at Consensus Hong Kong earlier this year.
Although direct crypto access remains off-limits in China, He noted that regulatory attitudes appear to be softening, with officials showing growing interest in studying digital assets and blockchain innovation.
“Policymakers aren’t greenlighting crypto yet,” he said, “but they’re asking more questions and exploring how these markets work.”
Until then, the momentum remains firmly with U.S.-based bitcoin ETFs, which continue to dominate global inflows and institutional demand.
At a Glance:
- U.S. Crypto ETF Inflows: $4.36B
- Hong Kong Crypto ETF Inflows: $14.1M
- Total HK ETF Inflows (July 14–18): $880M
- Crypto ETF Share in HK: 1.6%
- U.S. Equity ETF Outflows: $11.75B
- U.S. Bond ETF Inflows: $5.55B
