Hong Kong’s three spot bitcoin exchange-traded funds recorded a net outflow of 25.63 BTC on Thursday, while the region’s spot ether ETFs reported zero flows.

The spot bitcoin ETFs’ outflow was solely contributed by the product managed by China Asset Management, which saw 25.63 BTC flow out of the fund, according to data from SosoValue.  As of Thursday, the total net assets of the three spot bitcoin ETFs amounted to $254.74 million.

The city’s three spot ether ETFs saw zero flows on Thursday after they brought in 62.8 ETH on Wednesday. The three products had total net assets worth $50.83 million as of Thursday.

Meanwhile, in the U.S., the 11 spot bitcoin ETFs reported the ninth consecutive day of inflows on Thursday — drawing in $107.91 million.

On Thursday, the U.S. Securities and Exchange Commission approved the 19b-4 forms for eight spot Ethereum ETFs amid changing political dynamics among lawmakers.

“Admitedly, the ETH spot ETF in Hong Kong is about 15% of the total local spot ETF AUM (the rest being allocated to BTC), and so one might expect a similar ratio in the US or abroad,” Justin d'Anethan, head of APAC business development of crypto market maker Keyrock, told The Block. “This is probably due to the fact that, so far, no staking reward is offered and so the spot ETH ETFs are essentially an inferior investment product relative to native tokens.”

Bitcoin traded down 3% over the past 24 hours at $67,254 at the time of publication, while ether edged down 0.51% to change hands at $3,746, according to The Block’s price page.