HK Stock Market Move | Cryptocurrency ETFs fall again, as the Bitcoin market is hit by a new round of risk aversion and sell-offs in technology stocks.

Cryptocurrency ETFs fell again, as of the time of writing, Bosera HashKey Ether ETF (03009) fell by 5.7% to 2.18 Hong Kong dollars; ChinaAMC Ether ETF (03046) fell by 5.56% to 6.79 Hong Kong dollars; Harvest Bitcoin Spot ETF (03439) fell by 5.56% to 10.71 Hong Kong dollars; ChinaAMC Bitcoin ETF (03042) fell by 5.5% to 10.65 Hong Kong dollars. On the news front, the cryptocurrency market continued to weaken on Thursday, extending a downward trend that has lasted for over a month. As of November 21st, Bitcoin fell by over 4% at one point during the day, falling below 87,000 US dollars for the first time since April, with weak buying interest in the market causing the momentum that supported the early-year rally to significantly diminish. This pullback occurred against a backdrop of continued liquidation of positions following the October surge, with rapid trading funds exiting and inertia maintaining high positions making the market more susceptible to selling pressure and sudden volatility. Some analysts point out that this current cryptocurrency decline is mainly dragged down by a new round of risk aversion and selloff in technology stocks. Previous supporting forces, including large investment funds, ETF allocators, and corporate treasuries, have been exiting the market, causing Bitcoin to lose an important pillar of this year's rally and triggering the market to enter a new fragile stage. Some industry insiders also say that for the cryptocurrency market, macro signals are just the spark. In the past year, institutional allocations, inflows of physical ETFs, and corporate-level cryptocurrency asset allocations had provided support for prices in the first half of the year, but when interest rate windows close and sentiment shifts to defense, these external pillars will exit faster than retail liquidity.