Crypto hits “darkest hour”: ETH plunges >10% in a day, and Pando Ethereum ETF (03085.HK) slides over 3%.

NewTimeSpace — Jan 19, 2026: Crypto markets are clocking the bloodiest rout of the year. Ethereum leads the slide, crashing >10% and slipping below the psychological US$3,200 mark—its lowest level in seven weeks. As of 11:33 a.m.,Pando Ethereum ETF(03085.HK) is off more than 3%. (Source: Wind)

Headlines crossed that Israel launched a pre-emptive air strike on Iran, instantly stoking fears of a wider Middle-East conflict. While the White House stressed U.S. forces were not involved, the flare-up was enough to send global risk appetite tumbling.

History shows that when geopolitical shockwaves hit, money sprints out of high-beta assets—crypto and equities—into gold and oil. The pattern repeated: Brent and spot gold spiked while BTC and ETH, unbacked and hyper-volatile, were the first in line for forced selling.

HKEX filings note Valour Ethereum (03085.HK) is one of Hong Kong’s first spot-Ether ETFs. Issued by Valour Capital in partnership with HashKey’s licensed platform, the note holds 100% physical ETH and offers a compliant, equity-account-settled proxy to the coin.

Valour Ltd. holds SFC Types 1, 4 and 9 licences and qualifies as a public-fund manager. Besides this Ether ETF, it also runs a spot-Bitcoin ETF and two active crypto ETFs, giving it a solid track record in regulated digital-asset management.

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