According to @business (Bloomberg), an ETF favored by China’s so-called national team is set to record its fifth consecutive monthly outflow, the longest streak since 2020, indicating investors are taking profits after a multi-month rally (source: Bloomberg/@business). This marks a notable withdrawal of support from a key state-linked vehicle that traders monitor for A-shares sentiment and liquidity cues during Asia hours (source: Bloomberg/@business). For crypto, Asian risk tone can influence intraday liquidity and volatility in BTC and ETH during Asia trading hours, as documented by Kaiko Research in 2023 on regional market microstructure (source: Kaiko Research, 2023). Traders may watch Hong Kong-listed spot BTC and ETH ETFs as an additional regional flow indicator following their launch disclosures by HKEX and the SFC in April 2024 (source: HKEX and SFC, April 2024).