Cryptocurrency ETFs are all declining. As of the time of writing, Huaxia Ether (03046) fell 6.28%, to HKD 5.745; Jiashi Ether (03179) fell 6.17%, to HKD 5.775.
According to the Zhitong Finance APP, cryptocurrency ETFs are all declining. As of the time of writing, Huaxia Ether (03046) fell 6.28%, to HKD 5.745; Jiashi Ether (03179) fell 6.17%, to HKD 5.775; Boshi Ether (03009) fell 5.99%, to HKD 18.37; Huaxia Bitcoin (03042) fell 4.21%, to HKD 7.06.
On the news front, on September 4th, Bitcoin fell below $56,000, with an intraday decline of over 4%. Some analysts pointed out that the Bank of Japan's governor once again released a signal of interest rate hikes, which may release the risk of yen arbitrage trading and further suppress the price of Bitcoin. At the same time, the US PMI data is lower than expected, reigniting concerns of a US economic recession.
In addition, the market continues to worry that governments of multiple countries may sell their Bitcoin reserves. Previously, some analysts pointed out that "there are several key holders who may become potential sources of selling pressure in the coming months." In addition to concerns about a large amount of selling pressure, the Bitcoin market is illiquid, which may exacerbate price fluctuations caused by large-scale transactions.