Asia Open: Bitcoin ETFs in U.S. Attract Heavier Inflows Compared to Hong Kong, Where Investors Favor Stocks -

U.S. Bitcoin ETFs Dominate Global Inflows as Hong Kong Investors Favor Equities

Bitcoin ETFs in the U.S. continued to outpace global peers in the latest reporting week, attracting billions in inflows, while investor appetite in Hong Kong remained tepid despite broader ETF momentum.

According to CoinShares, digital asset investment products recorded $4.39 billion in global inflows during the week ending July 21. Nearly all of that came from U.S.-based products, which brought in $4.36 billion, underlining Wall Street’s growing conviction in bitcoin as a portfolio asset.

In contrast, Hong Kong’s crypto ETF market remained relatively quiet, pulling in just $14.1 million. That figure stands in stark contrast to the $880 million of total inflows seen across all ETFs on the Hong Kong Stock Exchange (HKEX) between July 14 and 18, with crypto products accounting for just 1.6% of the total.

While bitcoin prices held above $119,000 during the week, Hong Kong investors appeared more inclined to rotate into traditional equity-based ETFs, bypassing the nascent digital asset funds for now.

Meanwhile, the U.S. ETF landscape reflected broader asset class shifts. Crypto products stood out for their strength, while equity ETFs recorded $11.75 billion in outflows, and bond ETFs saw $5.55 billion in net inflows, according to CoinShares.

Industry analysts suggest Hong Kong’s crypto ETF market could see a structural uplift if capital from mainland China is allowed to participate. One potential channel is the Qualified Domestic Institutional Investor (QDII) scheme, which would permit exposure to crypto via Hong Kong-based ETFs through regulated intermediaries.

“Mainland investors could gain indirect exposure to bitcoin through ETFs without directly holding crypto,” said Red Date Technology CEO Yifan He at the Consensus Hong Kong conference earlier this year. “It would work much like existing channels used for foreign equity and fund access.”

He added that while direct crypto ownership remains prohibited in mainland China, regulators are beginning to study digital assets more seriously—a possible sign of future policy shifts.

Until then, the U.S. remains the dominant force in crypto ETF activity, with institutional inflows reinforcing its leadership in digital asset adoption.

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