Core Viewpoint - The Hong Kong stock market experienced a significant decline in cryptocurrency spot ETFs, with major products like MBC Ethereum, Bosera Ethereum, and others dropping over 10% due to a shift in market sentiment following the end of the U.S. government shutdown and concerns over economic data and high valuation tech stocks [1] Group 1: Market Performance - MBC Ethereum fell by 10.54% to a price of 5.855, with a total market capitalization of 152 million and a year-to-date decline of 26.07% [2] - Bosera Ethereum decreased by 10.41% to 2.410, with a market cap of 210 million and a year-to-date decline of 6.08% [2] - Other notable declines include: - Jia Shi Ethereum down 10.34% to 7.540, market cap of 89.726 million, year-to-date decline of 6.80% [2] - Huaxia Ethereum down 10.29% to 7.495, market cap of 498 million, year-to-date decline of 6.43% [2] - Huaxia SOL down over 8% [1] Group 2: Bitcoin Performance - Jia Shi Bitcoin dropped by 7.09% to 11.800, with a market cap of 218 million and a year-to-date increase of 2.97% [2] - Huaxia Bitcoin decreased by 6.82% to 11.750, with a market cap of 1.707 billion and a year-to-date increase of 3.34% [2] - MBC Bitcoin fell by 6.67% to 6.580, with a market cap of 1.707 billion and a year-to-date decline of 15.96% [2] - The overall market sentiment led Bitcoin to dip below 97,000 USD per coin, marking a new low since early May [1]

Market Overview - The A-share market indices all closed higher, with the Shanghai Composite Index stabilizing above 3900 points, reaching the highest level since August 2015, indicating strong bullish sentiment in the market [4] - The market showed a structural divergence, with 3109 stocks rising and 2184 stocks falling, highlighting both opportunities and risks [5][11] Trading Activity - The total trading volume in both markets exceeded 4700 billion, reflecting a significant increase of 21.63%, indicating extreme trading activity [6] - Resource stocks surged in the afternoon, driving the index to break through, while technology stocks experienced a short-term correction, creating a favorable "weight on stage, theme in play" market dynamic [6] Investor Sentiment - Institutional investors displayed a cautious and observant approach, with a tendency towards conservative positioning, as most funds opted to remain inactive [8] - Retail investors showed high enthusiasm for entering the market, driven by the "opening red" profit effect, leading to increased risk appetite and a tendency to chase market hotspots and engage in thematic investments [8] Fund Flow - There was a net outflow of funds from major players, while retail investors experienced a net inflow [7] - The overall positioning of institutions was characterized by "cautious observation + partial layout," with some funds adjusting their positions in cyclical stocks while adopting a "sell on rallies" strategy for high-valuation technology stocks [8]