Cryptocurrency ETF Sell-Off Continues, Leading to Sharp Declines in SOL and Bitcoin Funds

Stock News09:42

The sell-off in cryptocurrency-related ETFs is leading the market declines. As of the latest update, ChinaAMC SOL (03460) has fallen by 7.21% to HK$2.804, while Bosera Bitcoin (03008) is down 6.34% to HK$4.842.

Other funds are also experiencing significant drops. Harvest Ethereum (03179) has decreased by 4.68% to HK$4.2, and Harvest Bitcoin (03439) is down 6.67% to HK$7.7.

This weakness in the ETF market reflects the ongoing pressure on the underlying digital assets. Current market data shows Bitcoin has fallen to $62,894.7, marking a 6.07% drop over the past 24 hours. Ethereum has declined to $1,779.32, representing a 4.68% loss over the same period.

The persistent selling pressure is being driven by several key factors. Recent developments in the Middle East are heightening investor anxiety. Additionally, the Federal Reserve's latest economic survey, released on June 3, indicated that rising energy costs are pushing inflation higher.

This combination of geopolitical tension and inflation concerns has led to increased market expectations for potential interest rate hikes by the Federal Reserve, further dampening sentiment for risk assets like cryptocurrencies.

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