HK Stock Market Move | Conceptual stocks related to Bitcoin collectively fell, with Bitcoin dropping below $105,000 during trading. Institutional demand for Bitcoin has noticeably cooled down.

Conceptual stocks related to Bitcoin collectively declined. As of the time of writing, YUNFENG FIN (00376) fell by 8.69% to HK$3.89; MEMESTRATEGY (02440) fell by 7.26% to HK$2.3; BOYAA (00434) fell by 6.54% to HK$5; OKG TECH (01499) fell by 5.66% to HK$0.25. On the news front, on Monday, the cryptocurrency market continued to be under pressure, with the price of Bitcoin dropping below $105,000. According to reports from Wall Street, the founder of Capriole Investments stated that institutional demand for Bitcoin has fallen below new coin mining speeds for the first time in seven months. This shift suggests that large buyers may be pulling back, indicating a risk-averse tone for the entire cryptocurrency market together with other market activities. Furthermore, data from blockchain analytics platform Glassnode shows that in the past three weeks, the weekly net inflow of Belaid's physical Bitcoin ETF has been less than 600 Bitcoins. In several previous cycles of significant upward movements, the weekly net inflow of this ETF could exceed 10,000 Bitcoins, indicating a significant decrease in inflows now. Analysts from Glassnode stated that this signals a clear slowdown in institutional demand.