Hong Kong's Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH) exchange-traded funds (ETFs) faced a significant setback on Monday, with a record net outflow of $39 million, wiping out two weeks of gains since their launch.

The outflows were observed across all six funds, with ChinaAMC's Bitcoin fund recording the largest losses at $15.5 million.

This marked the third consecutive trading day of net outflows for these ETFs, totaling $52.5 million since May 9.

The decline in ETF investments coincides with Bitcoin's price trading below $61,000, potentially influenced by the post-halving slump following the reduction in mining rewards on April 20.

Despite the setback, the region's crypto ETF market remains significantly smaller compared to the United States, with assets under management totaling $179.2 million.