Journalist
Posted:
Key Takeaways
What kind of flows have Hong Kong ETFs attracted?
They saw $9 million in net outflows on YTD after the early Q4 risk-off move.
Which assets are Asian investors targeting?
BTC dominated in AUM, but most trading activity was parked in XRP, ETH and USDT.
Asia was among the regions that were in a risk-off mode last week. Hong Kong, in particular, saw $24.5 million in weekly and monthly outflows, underscoring investors’ caution as the crypto market’s correction continued with no relief in sight.
However, U.S investors were the most aggressive sellers, offloading over $1.2 billion worth of crypto invested via ETFs and other structured products. That’s 50x the selling pressure of Hong Kong.
Source: CoinShares
Even so, the U.S still has more net assets under management (AUM) across the board ($145.7 billion). Switzerland was ranked second in net assets, while Hong Kong had $629 million in AUM. Nearly half of this can be attributed to Bitcoin [BTC]-related products.
Hong Kong ETF traction
Hong Kong Spot crypto ETFs began with Bitcoin-related listings, which debuted in April 2024 – About three months after the U.S launched its products.
The Spot Ethereum [ETH] ETFs were also launched on the same day, but Solana [SOL] products debuted in late October 2025.
Notably, the ETFs scene in Hong Kong is being driven by three major players – ChinaAMC, Bosera and Harvest.
At the time of writing, SoSo Value data indicated that Spot BTC ETFs had a total net asset value of $381.6 million.
Source: SoSo Value
For Spot ETH ETFs, the AUM was $111 million, while SOL-related products have so far attracted $10.5 million in November. In contrast, the U.S Spot SOL ETF has amassed $574 million in net assets, underscoring the significant difference in demand.
That said, the approval of BTC, ETH, and SOL has also shaped trading dynamics among the top Hong Kong-based crypto exchanges. HashKey, for example, recorded the top trading volumes for BTC, ETH, USDT, and SOL.
Compared to South Korea’s Upbit exchange, XRP had the most dominant trading volume, followed by USDT, BTC, ETH, and finally SOL.
In other words, Asia traded altcoins more than Bitcoin, and XRP led the traction across South Korea. On the contrary, ETH has been dominant in Hong Kong.
Overall, the ETF scene is a game-changer in Hong Kong. However, their performance has been slower compared to their U.S counterparts. Whether the demand for them will increase after the recent regulatory overhaul remains to be seen.