The cryptocurrency market has entered a new era of volatility and opportunity as Bitcoin surged past $90,000 in November 2025, marking a historic milestone that has captivated global investors. This unprecedented rally—driven by shifting geopolitical narratives, institutional adoption, and evolving regulatory landscapes—has not only reignited bullish sentiment but also exposed the risks inherent in leveraged trading. With over 250,000 traders liquidated in just 24 hours amid extreme price swings, the market is sending a clear message: opportunity and danger go hand in hand.
The Trump Effect: A Catalyst for Crypto’s Institutional Breakthrough
The surge in Bitcoin’s value coincided with Donald Trump’s victory in the U.S. presidential election, reigniting speculation about the digital asset’s role in national economic strategy. Throughout his campaign, Trump advocated for the U.S. to retain 100% of its current and future Bitcoin holdings and proposed integrating the cryptocurrency into the nation’s strategic reserves. While not yet policy, these statements have had a profound psychological impact on investor sentiment.
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According to Jeffrey Ding, Chief Analyst at HashKey Group, “The so-called ‘Trump trade’ is now materializing.” His vision of treating Bitcoin as a reserve asset could drastically reduce sell pressure from government-held coins, while potential future procurement by federal agencies may inject new demand. Such developments would fundamentally alter Bitcoin’s supply-demand dynamics.
Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, projects Bitcoin could reach $200,000 by the end of 2025 under favorable regulatory conditions. He anticipates the total crypto market cap rising from $2.7 trillion to around $10 trillion by 2026—an expansion fueled by institutional inflows and macroeconomic tailwinds.
Market Momentum: From Retail Frenzy to Institutional Adoption
Since November 5, Bitcoin has climbed over 28%, briefly touching $90,045.35 before retreating to $85,131.64 within hours. Ethereum followed closely with a 31.2% gain during the same period, while Dogecoin—a favorite of Elon Musk—soared 131.25%. These gains were amplified by record inflows into spot Bitcoin ETFs in the U.S., where the top 10 funds attracted $1.606 billion between November 4 and 8.
In Hong Kong, the ripple effects were immediate. On November 12, crypto-related stocks and ETFs surged across the board. OKX Blockchain (formerly OKLink) jumped over 20%, while Lanchi Ventures and Boya Interactive rose more than 16% and 9% respectively. Among ETFs, CSOP Bitcoin ETF gained 10%, followed by KraneShares and Bosera with gains exceeding 9%.
This momentum reflects a broader shift: Bitcoin is no longer viewed solely as speculative tech—it’s increasingly seen as a legitimate financial instrument.
Hong Kong’s Strategic Push Into Web3 and Digital Assets
Hong Kong continues to position itself as Asia’s leading hub for virtual asset innovation. Since releasing its Policy Statement on Virtual Assets in October 2022, the city has rolled out a series of initiatives:
- A HK$50 million grant to Cyberport for Web3 development
- Formation of a Web3.0 Task Force in July 2023
- Launch of a stablecoin regulatory sandbox in March 2025
- Introduction of a virtual asset index series by HKEX in November 2025
Three major asset managers—CSOP, Bosera, and Harvest—launched spot Bitcoin and Ethereum ETFs in April 2025, while Southern Fund introduced both futures-based and inverse Bitcoin ETFs earlier in the year.
Weng Xiaoqi, CEO of HashKey Exchange, emphasizes that “the launch of spot ETFs signals full institutional acceptance of digital assets.” He expects more Chinese and international fund houses to enter the space, increasing liquidity and product diversity.
Can Mainland Investors Access Hong Kong’s Crypto ETFs?
Currently, mainland Chinese investors cannot directly purchase Hong Kong-listed crypto ETFs. While professional, institutional, and qualified international investors are permitted access under SFC rules, retail investors from mainland China remain excluded due to strict domestic regulations.
However, discussions are underway to potentially include virtual asset ETFs in the ETF Connect program, which links Hong Kong and mainland exchanges. If approved, this would allow mainland investors to gain exposure through regulated channels—an outcome many see as inevitable given rising demand.
For now, participation remains limited—but change may be on the horizon.
Risks Lurk Beneath the Rally: Volatility and Regulatory Uncertainty
Despite optimism, risks persist. On November 12 alone, Coinglass data showed 838 million USD in liquidations across crypto markets, affecting approximately 250,000 traders. The largest single position collapse occurred on Binance, wiping out a $11.87 million leveraged trade.
Such figures underscore the dangers of high leverage during periods of extreme volatility. Experts warn that factors like geopolitical tensions in Eastern Europe and the Middle East, U.S. national debt levels, and regulatory crackdowns could act as catalysts for sharp corrections.
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Global Regulatory Approaches: Divergence and Convergence
Regulatory frameworks vary widely:
- Mainland China: Virtual currency transactions are illegal; all related services are banned.
- U.S. & EU: Hybrid models focusing on securities and anti-money laundering compliance.
- Hong Kong & Singapore: Regulatory sandboxes overseen by financial authorities.
Despite differences, there's growing consensus around the principle of “same activity, same risk, same regulation”—ensuring fair competition and investor protection regardless of jurisdiction.
Hong Kong legislator Ricky Choi notes that virtual asset custody legislation may be tabled in 2025, a critical step toward full regulatory maturity. He also urges faster processing of exchange licensing applications and broader product offerings on approved platforms.
Frequently Asked Questions (FAQ)
Q: What caused Bitcoin to break $90,000?
A: A combination of pro-crypto rhetoric from U.S. leadership, strong ETF inflows, institutional interest, and macroeconomic expectations contributed to the surge.
Q: Why did so many traders get liquidated?
A: Extreme intraday volatility—nearly $5,000 swing in hours—triggered margin calls on leveraged positions, especially those using high-risk trading strategies.
Q: Are Hong Kong crypto ETFs safe for retail investors?
A: They are regulated by the SFC and offer secure exposure without needing to hold private keys. However, they still carry market risk due to crypto’s inherent volatility.
Q: Can I buy Hong Kong Bitcoin ETFs from mainland China?
A: Not currently. Direct access is restricted, though inclusion in ETF Connect could open doors in the future.
Q: Is Bitcoin likely to keep rising?
A: Analysts remain bullish due to potential policy support and limited supply, but caution that short-term corrections are likely given current leverage levels.
Q: What role does regulation play in crypto’s future?
A: Clear regulation enhances legitimacy and attracts institutional capital. Jurisdictions like Hong Kong are setting benchmarks for balanced oversight.
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