Core Viewpoint - The cryptocurrency market continues to decline, with significant drops in various cryptocurrency ETFs, indicating a loss of momentum and support that had previously driven prices higher [1] Market Performance - As of the latest report, major cryptocurrency ETFs such as Bosera Ethereum (03009) fell by 5.7% to HKD 2.18, Huaxia Ethereum (03046) dropped 5.56% to HKD 6.79, and both Jiashi Bitcoin (03439) and Huaxia Bitcoin (03042) decreased by 5.56% and 5.5% respectively, with prices at HKD 10.71 and HKD 10.65 [1] - Bitcoin experienced a significant decline, dropping over 4% and falling below USD 87,000 for the first time since April, reflecting a broader market weakness [1] Market Dynamics - The recent downturn in the cryptocurrency market is attributed to a new wave of risk aversion and sell-offs in technology stocks, leading to the exit of major support players such as large investment funds and ETF allocators [1] - The withdrawal of institutional support, which had previously bolstered prices, has triggered a new phase of market vulnerability, making it more susceptible to selling pressure and volatility [1] External Influences - Analysts suggest that macroeconomic signals have acted as a catalyst for the current market conditions, with institutional allocations and spot ETF inflows that had supported prices in the first half of the year now rapidly retreating as the sentiment shifts to a defensive stance [1]

Core Viewpoint - Bitcoin has experienced a significant decline, dropping below $90,000, erasing all gains for 2025, indicating a bearish trend in the cryptocurrency market [1][3]. Market Performance - Bitcoin is currently priced at $90,722.9, with a 24-hour decline of 4.99% and a 7-day decline of 15.42%, resulting in a market capitalization of $1.80 trillion [2][3]. - Ethereum and other cryptocurrencies like Dogecoin and Cardano have also seen declines exceeding 5% [3]. Liquidation Data - In the last 24 hours, there were 176,721 liquidations across the cryptocurrency market, totaling approximately $947 million [2][4]. - The liquidation amounts include $138 million in the last hour and $612 million in the last 12 hours, indicating high volatility [4]. Market Sentiment and Analysis - Analysts attribute the recent downturn to a new wave of risk aversion and sell-offs in tech stocks, leading to a loss of support from major investment funds and ETFs [4][5]. - The cryptocurrency market is now considered to be in a "confirmed bear market" phase, with weak ETF inflows and a decline in retail investor interest [4][5]. ETF Fund Flows - Bitcoin ETFs experienced a net outflow of $311.3 million over four days, marking the longest streak of outflows since March 14, with a total of $2.6 billion withdrawn over the past five weeks [5]. - This trend reflects a broader market volatility and a reassessment of the Federal Reserve's interest rate policies, which adds pressure to growth assets like cryptocurrencies [5][7]. Options Market Activity - There is a dominant demand for put options with strike prices of $85,000 and $80,000, indicating expectations of further declines in Bitcoin's price [7].

Core Viewpoint - Bitcoin has experienced a significant decline, dropping below $90,000 and erasing all gains for 2025, indicating a bearish trend in the cryptocurrency market [1][2]. Price Movements - As of the latest report, Bitcoin is priced at $90,722.9, reflecting a 4.99% decrease. Other cryptocurrencies such as Ethereum and Cardano have also seen declines exceeding 5% [2][3]. - The total market capitalization of Bitcoin is approximately $1.80 trillion, with Ethereum at $359.21 billion [3]. Market Dynamics - In the last 24 hours, over 176,721 traders were liquidated, with a total liquidation amount of $947 million (approximately 6.7 billion RMB) [3][4]. - The recent downturn in the cryptocurrency market is attributed to renewed risk aversion and sell-offs in tech stocks, leading to a loss of support from major investment funds and ETFs [4][5]. ETF Flows - Bitcoin ETFs have seen a net outflow of $311.3 million over four days, marking the longest streak of outflows since March 14, totaling $2.6 billion over the past five weeks [5]. - This trend indicates a weakening demand for Bitcoin and reflects broader market volatility, particularly in growth assets like cryptocurrencies and tech stocks [5]. Market Sentiment - Analysts suggest that the cryptocurrency market has entered a confirmed bear market phase, with declining ETF inflows, ongoing selling by long-term holders, and low retail investor interest [4][6]. - Options traders are betting on further declines in Bitcoin, with a dominant demand for put options at strike prices of $85,000 and $80,000 [6].

Core Viewpoint - The cryptocurrency market is experiencing significant declines, with Bitcoin dropping below $95,000 and Ethereum also facing substantial losses, indicating a bearish trend in the market [1][6]. Market Performance - Bitcoin fell to $94,301.3, marking a 5.44% decrease [1]. - Ethereum decreased by 2.23%, trading at $3,103.22, with a total market cap of $380.71 billion [4]. - Dogecoin and Cardano also saw declines of 2.55% and 4.87%, respectively [4]. - Over the past 24 hours, more than 226,000 traders were liquidated, with a total liquidation amount of $1.077 billion (approximately 7.6 billion RMB) [5]. Market Sentiment and Analysis - Analysts attribute the recent downturn to renewed risk aversion and sell-offs in tech stocks, leading to a loss of support from large investment funds and corporate treasurers [6]. - 10X Research indicates that the cryptocurrency market has entered a confirmed bear market phase, with weakening ETF inflows and ongoing selling by long-term holders [6]. - The next key support level for Bitcoin is identified at around $93,000 [6]. Macro Economic Factors - The end of the U.S. government shutdown has raised concerns about missing key economic data, which may influence the Federal Reserve's decision on interest rates [7]. - Hawkish comments from several Federal Reserve officials regarding inflation and interest rates have added pressure to the cryptocurrency market [7]. - The withdrawal of institutional support and the shift in market sentiment towards a defensive stance are seen as critical factors affecting liquidity in the cryptocurrency market [7].

International News - The U.S. government shutdown lasting 43 days has ended, with federal employees expected to return to work starting Thursday [1] - The U.S. and Argentina have reached a framework for a trade agreement, agreeing to open markets in key commodity sectors [2] - Market expectations for a 25 basis point rate cut by the Federal Reserve in December are below 50%, according to short-term interest rate derivatives [3] - White House National Economic Council Director Kevin Hassett indicated that current data supports further rate cuts [4] - Cleveland Fed President Beth Hammack emphasized the importance of maintaining rates to reduce inflation towards the 2% target [5] - St. Louis Fed President Alberto Musalem and Minneapolis Fed President Neel Kashkari noted that inflation remains above target, urging caution in rate cuts [6] - A report from the American Bankers Association revealed that one-quarter of U.S. households are spending over 95% of their income on necessities, affected by inflation outpacing wage growth [7] - Bitcoin fell below $100,000 amid new risk aversion and tech stock sell-offs, with 10X Research indicating a confirmed bear market for cryptocurrencies [8][9] Domestic News - The Ministry of Natural Resources announced a significant mining discovery in Liaoning, identifying China's first thousand-ton low-grade super-large gold mine, with a total gold metal amount of 1,444.49 tons and an average grade of 0.56 grams per ton [21] - On November 11, the Minister of Commerce Wang Wentao met with Spain's Minister of Economy, Trade and Enterprises, discussing China-Spain and China-Europe trade relations, emphasizing China's commitment to high-level opening and expressing concerns over Dutch government intervention in ASML's semiconductor matters [22] Corporate News - Tesla is developing a feature to support Apple's CarPlay system in response to customer demand, while recalling approximately 10,500 units of the Powerwall 2 AC battery system [15][16] - Boeing's factory workers in St. Louis voted to accept a new five-year contract proposal, ending the longest strike since 1948 [17] - Elon Musk denied reports that xAI raised $15 billion in Series E funding [18] - European financial stability officials are discussing the integration of dollar reserves held by central banks outside the U.S. to establish an alternative liquidity support mechanism to the Federal Reserve [19]

Market Overview - The U.S. stock market has experienced significant volatility, with the S&P 500 index declining for five consecutive days, indicating potential short-term adjustments or early signs of a crisis [1][3] - On Thursday, all three major U.S. indices closed lower, with the Dow, Nasdaq, and S&P 500 each dropping approximately 0.34% [3] Company Performance - Retail giant Walmart reported revenue exceeding expectations; however, its earnings per share fell short, leading to a 4.5% drop in stock price, marking the largest single-day decline in three years [3] - Technology stocks faced heavy selling pressure, with notable declines in shares of Nvidia and Meta, as profit-taking sentiment grew [3] - Tesla is under investigation by the U.S. National Highway Traffic Safety Administration for delayed reporting of Full Self-Driving (FSD) accidents, affecting 2.41 million vehicles, highlighting ongoing safety concerns [3] - In contrast, Chinese electric vehicle manufacturer Xpeng Motors saw its stock rise by 11.66% due to record high delivery volumes and gross margins in Q2, demonstrating the strength of its fundamentals [3] Regulatory Environment - The market is closely watching Federal Reserve Chairman Jerome Powell's upcoming speech at the Jackson Hole conference, which is expected to provide insights into the likelihood of interest rate cuts in September [3] - Current market expectations indicate an approximately 80% probability of a rate cut in September, but internal divisions within the Federal Reserve were revealed in the July meeting minutes, suggesting potential policy conflicts [3] International Developments - The recent tariff agreement between the U.S. and Europe covers industries such as steel, aluminum, and automobiles, although automobile tariffs remain unresolved [4] - The U.S. military's first request for cobalt reserves in decades signals a strategic move towards self-sufficiency in the new energy supply chain [4] Investment Strategy - The company emphasizes a long-term investment perspective, suggesting that short-term market fluctuations should not deter investors [4] - It advocates for maintaining focus on fundamentally strong assets with clear long-term logic, as economic fundamentals ultimately drive market trends [4]

Group 1 - The U.S. stock market experienced mixed results, with the Nasdaq down 0.67%, S&P 500 down 0.24%, and Dow Jones up 0.04% [1] - Major tech stocks saw declines, with Intel leading the drop at approximately 7%, while Google, Tesla, Apple, and Amazon fell over 1% [1] - The Nasdaq Golden Dragon China Index rose by 0.33%, with mixed performances among popular Chinese stocks, including a rise of 8% for GDS Holdings and over 3% for Tiger Brokers [1] Group 2 - The Federal Reserve's July meeting minutes revealed that only two officials supported a rate cut, with the majority favoring the current rate of 4.25%-4.50% [2] - The release of July's non-farm payroll data showed job additions far below expectations, with an increase in unemployment and a drop in labor participation rate to its lowest since late 2022 [2] - The minutes indicated a significant internal division within the Fed regarding interest rate decisions, marking the first time since 1993 that multiple officials publicly disagreed [2] Group 3 - The S&P 500 index saw a significant sell-off, losing approximately $1 trillion in market capitalization over four days due to concerns over the Fed's hawkish stance and high valuations in tech stocks [3] - Nvidia experienced a nearly 4% drop before the release of the Fed minutes, while Palantir saw a maximum intraday decline of over 9%, marking a cumulative drop of 23.87% since August 12 [3] Group 4 - Investor sentiment is divided, with some viewing the market downturn as a buying opportunity, while others believe that high valuations necessitate profit-taking [4][5] - Analysts suggest that the current market has fully priced in future positives, leaving little room for error, which could lead to a fragile balance [5]