Bitcoin Enters Fourth Straight Month of Losses
Bitcoin's price weakness extended into February after the cryptocurrency recorded its fourth consecutive monthly decline, the longest losing streak since 2018. After dipping below $76,000 over the weekend, the price was trading around $77,714 on February 2, down approximately 1% in the preceding 24 hours. The downturn also hit Ethereum, which fell 5.6% over the same period to $2,304.51, deepening concerns about a broader market correction.
Hong Kong Crypto Equities Fall Over 5%
The prolonged cryptocurrency sell-off directly impacted the stock prices of Hong Kong's publicly traded digital asset companies. On February 2, shares of OSL Group (00863.HK) fell 4.24% to close at HK$16.05, while HASHKEY HLDGS (03887.HK) declined 5.52% to HK$6.67. The negative sentiment was widespread across the sector, with other crypto-related stocks like Yunfeng Financial (00376.HK) and Boyaa Interactive (00434.HK) dropping 3.7% and 6.06%, respectively.
Ether ETFs Plunge More Than 15%
The most severe market reaction was evident in exchange-traded funds designed to track the performance of Ethereum. The Bosera HashKey Ethereum ETF (03009.HK) plummeted 15.64% to HK$1.758, and the FA Southern Ether ETF (03068.HK) dropped 15.58% to HK$10.4. The sharp decline in these tracker funds, far exceeding the underlying asset's 24-hour drop, highlights extreme investor sensitivity and deleveraging as the digital asset market continues its downtrend.
