Digital asset exchange-traded funds continued their upward momentum on Thursday, with major crypto tokens posting substantial gains across the board. Bitcoin surged past the $75,000 threshold during intraday trading, climbing more than 8% on the day, while XRP jumped over 18%, Dogecoin advanced more than 10%, and Ethereum added roughly 4%.
Among the Hong Kong-listed crypto ETFs, Harvest Bitcoin (03439) led the charge with a 7.85% gain to HK$9.20, followed by ChinaAMC Bitcoin (03042) which rose 7.38% to HK$9.17. Bosera Bitcoin (03008) climbed 7.24% to HK$5.78, while ChinaAMC Ether (03046) gained 4.52% to HK$5.55.
Market analysts attribute this rally to a convergence of multiple factors rather than any single catalyst. The price surge represents a concentrated release of pent-up momentum, driven by an overcrowded short positioning structure meeting with a trifecta of supportive conditions: favorable regulatory developments, declining long-term interest rates, and cross-sector capital rotation back into digital assets.
Adding to the positive backdrop, the US Treasury Department recently announced an expansion of its long-duration bond buyback program, which helped alleviate the selling pressure that had been roiling global bond markets. On the regulatory front, President Donald Trump met with executives from major crypto firms including Coinbase, Kraken, and Ripple at the White House, urging Congress to expedite legislation on cryptocurrency market structure. This engagement has strengthened market expectations for a more crypto-friendly regulatory environment in the United States.
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