🔥 Bitcoin Crashes Below US$90,000 as Fear Takes Hold and Traders Bet on Deeper Losses
Bitcoin’s dramatic slide accelerated Tuesday in Asia trading, plunging below US$90,000 and wiping out all of the cryptocurrency’s gains for the year. Once driven by surging optimism, the market has now swung sharply toward fear as traders pile into increasingly bearish positions.
Selling pressure intensified in the derivatives market, where demand for protective puts at the US$85,000 and US$80,000 levels jumped sharply, according to data from Coinbase-owned Deribit. Options expiring later this month have seen a rush of activity, with traders snapping up more than US$740 million in contracts betting on further declines — far outstripping bullish interest.
“The absence of conviction-based spot demand has become increasingly apparent as buyers who accumulated positions over the last six months now find themselves significantly underwater,” said Chris Newhouse, director of research at Ergonia.
The downturn has hit digital-asset treasury firms hard — companies that amassed large crypto holdings earlier this year in hopes of becoming market proxies. Even as Michael Saylor’s Strategy Inc. added another US$835 million in Bitcoin, peers are facing rising pressure to sell assets to shore up their balance sheets. That overhang, analysts say, has left the market crowded with holders too deep in the red to buy more and too hesitant to capitulate.
A sentiment index from CoinMarketCap now places the market firmly in “extreme fear,” reflecting worsening momentum, volatility and derivative flows.
Macro forces are adding to the pressure. Traders are bracing for Nvidia Corp. earnings — a gauge of broader risk appetite — and reassessing expectations for a possible Federal Reserve rate cut in December. The S&P 500’s more than 1% drop has compounded the risk-off mood.
“I think the Fed and AI bubble talk are two major headwinds for crypto and risk assets heading into the end of the year,” said Adam McCarthy of Kaiko. “The AI risk is likely compounding and affecting risk sentiment in crypto, adding that to the chatter from FOMC officials, you’re looking at a sustained downtrend for Bitcoin.”
The downturn is not limited to Bitcoin. Ether, the world’s second-largest cryptocurrency, slid to US$2,946, extending its decline to more than 20% since early October. “Ether is very vulnerable to this theme as the biggest digital-asset treasury firms are currently underwater on their positions,” said Greg Magadini of Amberdata.
The entire crypto market has been wobbling since a sharp liquidation wave in early October erased roughly US$19 billion in digital assets. Open interest in futures has dropped noticeably — particularly in smaller tokens such as Solana, where positioning has more than halved, according to Coinglass.
“That risk-off tone spills into crypto markets, where sentiment remains fragile — the latest drawdown reflects broader macro jitters rather than structural flaws,” said Thomas Perfumo, global economist at Kraken.
HK:3115.HK:Hangseng Index
The HSI opened 212 points lower as overall market sentiment weakened.
HK:09868.HK:XPENG-W
XPENG-W slid 7% at the open following earnings and a weaker-than-expected 4Q revenue forecast.
HK:01378.HK:CHINAHONGQIAO
CHINAHONGQIAO dropped 7.7% after revealing plans to raise HK$11.49B via a discounted placing at 9.6% below market.
HK:09868.HK:XPENG-W
XPENG-W opened over 7% lower as forecasts signaled a miss in 4Q revenue expectations.
HK:— :HKIA (Airport Authority Hong Kong)
HKIA reported an 18% YoY rise in October passenger traffic, while transfer and transit passengers surged 50%.
HK:— :HKMA
The HKMA reportedly intensified its scrutiny on distressed loan decisions made by major lenders.
HK:00017.HK:NWD (New World Development)
NWD said holders of over US$2.2B in debt submitted exchange instructions, with expected debt reduction of around US$1.05B.
HK:01378.HK:CHINAHONGQIAO
CHINAHONGQIAO confirmed its intention to raise HK$11.49B net through a top-up placing.
US:AAPL:Apple
A long-time Apple designer behind the iPhone Air reportedly joined an AI startup, according to Wire.
US:— :Gold (Gold Price)
Goldman Sachs said China added 15 tons of gold to reserves in September and projected prices may reach US$4,900 by end-2026.
HK:09961.HK:TRIP.COM-S
TRIP.COM-S reported 3Q net profit up 1.94Ă— YoY to RMB19.89B.
CN:— :NEV Exports (CAAM)
CAAM announced China’s NEV exports doubled YoY in October.
SZ:300750.SZ:CATL
CATL signed a 10-year comprehensive strategic cooperation agreement with HyperStrong.
🔥 AI & Autos Dominate Hong Kong Market Headlines as Earnings, Forecasts and Policy Shifts Shake Up Sentiment 🔥
HK:00175.HK:GEELY AUTO
CMBI raised its 2026–27 earnings forecasts for GEELY AUTO after solid 3Q results, reinforcing confidence in the automaker’s growth recovery.
HK:01810.HK:XIAOMI-W
Brokers projected XIAOMI-W to report a 61% YoY surge in adjusted 3Q profit, with attention on smartphone cost efficiency and its auto business.
US:BABA:Alibaba Group Holding
CMSI reiterated BABA-W / Alibaba as its top pick, stating continuous innovation is driving valuation and earnings strength.
HK:09863.HK:LEAPMOTOR
CMBI said LEAPMOTOR missed 3Q net profit expectations and trimmed its target price to HK$73 while keeping a Buy call.
No symbol required (interest rate news).
The 1-month HIBOR dropped to 2.87%, marking a one-month low.
US:— :Ant International
Ant International joined the Ensemble Project’s framework working group, highlighting deeper participation in global digital finance standards.
HK:00175.HK:GEELY AUTO
CLSA raised GEELY AUTO’s 2025 profit forecast by 12%, reaffirming its high-conviction Outperform rating.
HK:00981.HK:SMIC
JPM lifted SMIC’s target price to HK$57 but kept an Underweight rating, citing limited margin improvement.
HK:— :Macau Gaming Sector
UBS estimated Macau’s average daily GGR will stay around MOP650 million for the remainder of November.
HK:00175.HK:GEELY AUTO
JPM rated GEELY AUTO Overweight with a HK$24 target after quarterly results exceeded expectations.
HK:09868.HK:XPENG-W
Citi said XPENG beat 3Q earnings expectations but is set to miss 4Q sales targets.
HK:00001.HK:CKH HOLDINGS | HK:00655.HK:CTF SERVICES
CLSA said Hong Kong conglomerates may see multiple catalysts next year, naming CKH HOLDINGS and CTF SERVICES as top picks.
HK:09863.HK:LEAPMOTOR
Citi maintained its Buy rating on LEAPMOTOR after in-line 3Q net profit results.
HK:00175.HK:GEELY AUTO
Morgan Stanley said GEELY AUTO’s quarterly results were in line and the firm remains on track to meet its annual profit target.
HK:09868.HK:XPENG-W
CLSA noted XPENG-W’s 3Q vehicle margin miss but said the company is still expected to break even in 4Q.
HK:01810.HK:XIAOMI-W
Lei Jun confirmed Xiaomi’s new end-to-end assisted-driving version will be released on Friday.
HK:09961.HK:TRIP.COM-S
TRIP.COM-S rose 2.7% after reporting a 1.94x YoY surge in 3Q net profit.
UK:STAN:STANCHART
JPM expressed optimism about Hong Kong’s financial sector outlook, selecting STANCHART as its top pick.
US:BTC:Bitcoin
Bitcoin briefly dipped below US$91,000, down 27% from its all-time high, with bearish contract trading activity surging.
HK:09863.HK:LEAPMOTOR
UBS said LEAPMOTOR’s 3Q results missed expectations and may trigger downward consensus revisions.
HK:09868.HK:XPENG-W
Nomura expects XPeng to turn profitable in 4Q, with next year’s model launches supporting further growth.
HK:00992.HK:LENOVO GROUP
Nomura cut LENOVO GROUP’s target price to HK$11 due to rising memory costs pressuring margins.
HK:00857.HK:PETROCHINA
CLSA lifted PETROCHINA’s target price to HK$10 and sees potential to lift its annual dividend yield.
HK:09863.HK:LEAPMOTOR
LEAPMOTOR dropped 6.5% as 3Q showed a swing to profit YoY but a QoQ decline to RMB150 million.
HK:00700.HK:TENCENT
S&P said TENCENT’s strong gaming revenue is improving credit quality.
HK:01211.HK:BYD COMPANY
A reported collapse at BYD COMPANY’s Zhengzhou industrial park expansion project caused fatalities, drawing widespread attention.
No symbol required (regulator).
Hong Kong’s SFC urged licensed firms to remain vigilant over suspicious fund flows.
Thank you
