Bosera HashKey Bitcoin ETF (03008.HK) Down 0.60% as Bitcoin Slips Below US$74,000

NewTimeSpace News: As of 10:52 on November 9, Bosera HashKey Bitcoin ETF (03008.HK) fell 0.60% to a latest price of HK$5.775. The ETF has so far traded 87,500 units today, with turnover of HK$503,717 and an average price of HK$5.757; its turnover rate is 0.131%. It has fallen 0.60% week to date. The net asset value per unit is HK$5.7697, and assets under management stand at HK$387 million (about US$49.31 million). (Note: NAV and AUM are as of November 6; AUM is denominated in US dollars and converted at US$1 = HK$7.8467; the week-to-date change is based on the previous close of HK$5.810 on November 6.)

Crypto markets remained weak on November 9. Bitcoin fell below US$76,000 on November 8, quoted at US$75,776.7 at 14:06 Beijing time, down 0.34% on the day. In early trade on November 9 it briefly broke below US$74,000, down 2.99% at 05:56, before recovering above US$75,000 and turning 0.20% higher by 08:15. Ether dropped to around US$2,200, its lowest since August. The decline was attributed to investor concerns that a Democratic-controlled US Congress will tighten crypto regulation, along with the roughly US$6 billion theft of assets at Binance; US October consumer price data, due November 10, is the next key input for risk appetite.

Bosera HashKey Bitcoin ETF (03008.HK) is the Hong Kong dollar counter of a spot virtual asset ETF managed by Bosera Asset Management (International), with a US dollar counter (09008) and the US dollar as its base currency. The fund directly holds bitcoin, seeking investment results closely corresponding to the CME CF Bitcoin Reference Rate (Asia Pacific Closing), and makes no distributions. The board lot is 100 units; it listed on April 30, 2024, with a management fee of 0.60% per year and an ongoing charges figure of 1.04%.

Alex Thorn, head of research at Galaxy Digital, notes that bitcoin's latest weekly close fell below its 50-week moving average, having held above that line for seven straight weeks. History shows that in 2011-2012 and 2019-2020, bitcoin also reclaimed the average after a bear-market bottom before losing it again, yet neither episode produced a lower weekly closing low. In the firm's view, as long as the average is reclaimed within a month, the technical basis for its bullish case still holds.