Market Insight | OSL Group falls nearly 5%, leading the decline in cryptocurrency stocks. The US SEC delays decision on spot Ethereum ETF

Cryptocurrency stocks fell across the board. As of the time of publication, OSL Group fell by 4.64% to HKD 7.4; Euro Chain Cloud fell by 2.39% to HKD 0.204; Meitu Inc. fell by 1.71% to HKD 3.44. On the news front, the U.S. SEC has postponed its decision on the proposed Invesco Galaxy Ethereum spot ETF. The SEC has set the next deadline for approving or rejecting the proposed Ethereum spot ETF to July 5, 2024. In recent months, the SEC's optimism for approving such products has diminished. Recent media reports suggest that the SEC will designate Ethereum as a security this summer and reject the spot ETF application. In addition, the price of Bitcoin has experienced significant fluctuations recently. After hitting a low near $56,800 last Wednesday, Bitcoin has surged by nearly 10% over the weekend to surpass the $64,000 mark per coin at the time of publication, recovering from the previous week's decline. It is worth noting that Hong Kong recently launched its first spot cryptocurrency ETF, which has officially listed on the Hong Kong Stock Exchange