Market Analysis | Cryptocurrency ETFs all decline, CAM ETH, HGI ETH both drop more than 6%
Cryptocurrency ETFs across the board are down. As of the time of writing, CAM ETH fell by 6.28% to HKD 5.745, HGI ETH fell by 6.17% to HKD 5.775, BOS HSK ETH fell by 5.99% to HKD 18.37, and CAM BTC fell by 4.21% to HKD 7.06. On the news front, on September 4th, Bitcoin briefly fell below $56,000, with an intraday drop of over 4%. Some analysts point out that the Bank of Japan Governor has once again signaled a rate hike, potentially triggering a reversal of the yen carry trade risk and further suppressing Bitcoin prices. Additionally, US PMI data came in below expectations, reigniting concerns about a US economic downturn. Furthermore, the market continues to worry about the possibility of multiple governments selling off their Bitcoin holdings. Previously, analysts have noted that "several key holders could become potential sources of selling pressure in the coming months." Apart from concerns about significant selling pressure, the Bitcoin market's liquidity is thin, which could exacerbate price fluctuations caused by large trades
According to the Smart Finance app, cryptocurrency ETFs are all down. As of the time of publication, CAM ETH (03046) fell by 6.28% to HKD 5.745, HGI ETH (03179) fell by 6.17% to HKD 5.775, BOS HSK ETH (03009) fell by 5.99% to HKD 18.37, and CAM BTC (03042) fell by 4.21% to HKD 7.06.
On the news front, on September 4th, Bitcoin once fell below $56,000, with an intraday drop of over 4%. Some analysts pointed out that the Bank of Japan Governor once again signaled a rate hike, which could release the risk of yen carry trades and further suppress Bitcoin prices. At the same time, US PMI data came in below expectations, reigniting concerns about a US economic recession.
Furthermore, the market continues to worry that governments of multiple countries may sell off their Bitcoin holdings. Analysts previously pointed out that "several important holders could become potential sources of selling pressure in the coming months." In addition to concerns about significant selling pressure, the Bitcoin market's liquidity is thin, which could exacerbate price fluctuations caused by large trades