加密货币ETF再度下跌，截至发稿，博时以太币(03009)跌5.7%，报2.18港元；华夏以太币(03046)跌 5.56%，报6.79港元；嘉实比特币(03439)跌5.56%，报10.71港元；华夏比特币(03042)跌5.5%，报10.65港 元。 有分析指出，此次加密货币下跌主要受新一轮避险情绪和科技股抛售拖累。曾经的支撑力量——包括大 型投资基金、ETF配置方和企业司库，纷纷离场，令比特币失去今年大涨的一个重要支柱，并触发市场 进入新的脆弱阶段。另有业内人士表示，对于加密市场而言，宏观信号只是点燃导火索。去年以来，机 构配置、现货ETF流入和公司级别的加密资产配置曾在上半年为价格提供支撑，但当利率窗口关闭、情 绪转为防御时，这些外部支柱会比散户流动性更快撤出。 消息面上，加密货币市场周四继续走弱，延续一个多月的下跌趋势。截至11月21日，比特币盘中一度跌 超4%，自4月以来首次跌破8.7万美元，市场买盘乏力，支撑今年早期涨势的动能明显消退。此次回调 发生在10月大涨后的仓位持续出清背景下，快速交易资金的撤离和惯性高位持仓使市场更容易受抛压和 波动突袭。 ...

智通财经APP获悉，加密货币ETF再度下跌，截至发稿，博时以太币(03009)跌5.7%，报2.18港元；华夏 以太币(03046)跌5.56%，报6.79港元；嘉实比特币(03439)跌5.56%，报10.71港元；华夏比特币(03042)跌 5.5%，报10.65港元。 消息面上，加密货币市场周四继续走弱，延续一个多月的下跌趋势。截至11月21日，比特币盘中一度跌 超4%，自4月以来首次跌破8.7万美元，市场买盘乏力，支撑今年早期涨势的动能明显消退。此次回调 发生在10月大涨后的仓位持续出清背景下，快速交易资金的撤离和惯性高位持仓使市场更容易受抛压和 波动突袭。 有分析指出，此次加密货币下跌主要受新一轮避险情绪和科技股抛售拖累。曾经的支撑力量——包括大 型投资基金、ETF配置方和企业司库，纷纷离场，令比特币失去今年大涨的一个重要支柱，并触发市场 进入新的脆弱阶段。另有业内人士表示，对于加密市场而言，宏观信号只是点燃导火索。去年以来，机 构配置、现货ETF流入和公司级别的加密资产配置曾在上半年为价格提供支撑，但当利率窗口关闭、情 绪转为防御时，这些外部支柱会比散户流动性更快撤出。 ...

智通财经APP获悉，加密货币ETF跌幅居前，截至发稿，博时以太币(03009)跌6.48%，报2.28港元；华 夏以太币(03046)跌6.02%，报7.1港元；华夏比特币(03042)跌5.48%，报11.03港元；嘉实比特币(03439) 涨5.37%，报11.1港元。 消息面上，11月18日，主流加密货币资产继续承压，比特币价格一度跌破9万美元关口，截至发稿，比 特币报90777美元，24小时跌超4%。此外，以太坊则一度失守3000美元大关。市场分析称，此次逆转行 情出现之际，正值经济逆风加剧，包括市场对利率政策再度产生担忧，以及投机市场估值过高。期权交 易员押注比特币将进一步下跌，近期对8.5万美元和8万美元行权价的看跌期权保护需求占据主导。 ...

港股市场加密货币现货ETF集体高开，其中，博时以太币、华夏以太币涨超7%，华夏比特币、嘉实比特币涨超 3%。以太坊目前价格已向上突破3600美元。 | 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 03009 | 博时以太币 | 7.92% | 2.754 | 2.4亿 | 7.33% | | 03046 | 华夏以太币 | 7.80% | 8.570 | 5.69亿 | 6.99% | | 03042 | 华夏比特币 | 3.87% | 12.880 | 18.87亿 | 13.28% | | 03439 | 嘉实比特币 | 3.20% | 12.900 | 2.39 Z | 12.57% | ...

Group 1 - The recent surge in the Hong Kong cryptocurrency ETF market, particularly for Ethereum ETFs, has drawn significant attention, with multiple ETFs recording substantial gains [1] - On August 13, four Ethereum ETFs saw notable increases, with the Jiashi Ethereum ETF (03179.HK) leading at an 8.32% rise, followed by Huaxia Ethereum ETF (03046.HK) at 7.8%, and others also performing well [1] - Ethereum's price surpassed $4600 for the first time since December 2021, driven by institutional support and favorable regulatory expectations [1][5] Group 2 - The development of stablecoins and Real World Asset (RWA) tokenization is providing support to the Ethereum ecosystem, with about half of the stablecoin supply and trading volume concentrated within it [5] - Major players like Coinbase and Robinhood are building layer-2 networks on Ethereum, enhancing its transaction processing capabilities [5] - Recent institutional buying, including large transactions of several hundred million dollars, has significantly increased demand in the spot market, contributing to the passive increase in ETF shares and net inflows [5] Group 3 - The marginal improvement in U.S. regulatory attitudes and the potential for future ETF staking yield have bolstered market bullish sentiment [6] - The current market dynamics show Ethereum leading the charge, with Bitcoin and other major cryptocurrencies following suit, indicating a reassessment of the long-term value of crypto assets [8] - The signing of an executive order by U.S. President Trump allowing alternative assets, including cryptocurrencies, into 401(k) retirement plans has structurally enhanced demand for virtual currencies [8] Group 4 - Ethereum is currently in a "strong trend + high volatility" upward phase, with expectations for cautious accumulation after potential pullbacks [8] - Short-term price movements for Ethereum may depend on the continuation of institutional buying and ETF inflows, alongside stable regulatory policies [9] - The future trajectory of cryptocurrencies will be influenced by macro policies, market sentiment, and the ongoing integration of virtual currencies into the traditional financial system [9]

Core Viewpoint - The performance of cryptocurrency spot ETFs in Hong Kong has shown a stark contrast between Bitcoin and Ethereum, with Bitcoin ETFs yielding positive returns while Ethereum ETFs have experienced significant losses [3][4]. Group 1: Performance of ETFs - The Bitcoin ETFs launched by major fund companies in Hong Kong have shown strong performance, with returns of 47.1% for Bosera Bitcoin ETF, 46.19% for Harvest Bitcoin ETF, and 46.76% for Huaxia Bitcoin ETF since their inception [3]. - In contrast, the Ethereum ETFs have underperformed, with returns of -44.22% for Bosera Ethereum ETF, -46.76% for Harvest Ethereum ETF, and -44.53% for Huaxia Ethereum ETF [3]. Group 2: Market Dynamics - The performance of cryptocurrency spot ETFs is closely tied to the underlying assets, with Bitcoin's price fluctuating from over $60,000 to nearly $110,000, and currently below $100,000, while Ethereum's price has dropped from $2,200 to around $1,600, reflecting a 40% decline [4]. - Investors have shown a preference for Bitcoin ETFs over Ethereum ETFs, leading to higher trading volumes and profitability for Bitcoin-related products [5][6]. Group 3: Regulatory Environment - The Hong Kong Securities and Futures Commission has set regulations that restrict the sale of virtual asset products to retail investors from mainland China, although residents with Hong Kong ID can still participate under certain conditions [6][7]. - The trading rules for Bitcoin ETFs in Hong Kong set a minimum trading lot of 100 shares for Harvest and Huaxia Bitcoin ETFs, while Bosera requires only 10 shares [7]. Group 4: Innovation and Future Outlook - Major fund companies in Hong Kong are innovating in the virtual asset space, with new products like the Bosera HashKey Ethereum ETF, which is the first in the Asia-Pacific region to support Ethereum staking [8]. - The Hong Kong government is supportive of the virtual asset sector, with plans to release a policy declaration to enhance the development of Web3 and digital asset technologies [9].

Group 1 - The core viewpoint of the articles highlights a significant increase in cryptocurrency ETFs in the Hong Kong market, driven by a surge in Bitcoin prices and a shift in market perception towards Bitcoin as a safe-haven asset amid economic uncertainties [1][2]. - As of April 22, Bitcoin surpassed the $90,000 mark, reaching $93,442.99, with a 6.77% increase, marking a new high since March 3 [1]. - The International Monetary Fund (IMF) has downgraded the U.S. economic growth forecast while raising inflation predictions, which has intensified concerns over the credibility of the U.S. dollar [2]. Group 2 - Bitcoin's price has shown a notable decoupling from traditional stock indices, with a 13% increase in April, while the S&P 500 and the U.S. dollar index have both declined over 5% during the same period [2]. - Analysts suggest that the recent performance of Bitcoin reflects a growing demand for safe-haven assets in light of political and macroeconomic risks, particularly following criticisms of the Federal Reserve by former President Trump [2][3]. - The correlation between Bitcoin and the S&P 500 index has decreased to 0.65, indicating a divergence in their price movements, which is unusual compared to historical trends [3].