Cryptocurrency exchange-traded funds (ETFs) are trading lower across the board this morning. At the time of writing, the MBC Ethereum ETF (03425) has fallen 7.81% to HK$2.856, while the Bosera Ethereum ETF (03009) is down 7.66% at HK$1.158. The ChinaAMC Bitcoin ETF (03042) declined 5.52% to HK$7.105, and the Bosera Bitcoin ETF (03008) dropped 5.27% to HK$4.494.

This move follows a broader sell-off in the digital asset market. Bitcoin has fallen below the $59,000 level, down over 3% in the last 24 hours. Ethereum has also retreated to around $1,500, marking a decline of more than 5% over the same period.

Market sentiment is being pressured by a significant upcoming options expiry. Bitcoin faces a large-scale expiration of options contracts, which could add further pressure to a market already grappling with weakening institutional demand and macroeconomic headwinds. On the Deribit platform, the largest crypto options exchange, Bitcoin options with a notional value of approximately $10 billion are set to expire this Friday at 4:00 PM Singapore Time.

Given that a large portion of these expiring options are bullish bets, the recent sustained decline in Bitcoin's price may prompt traders to adopt more defensive or bearish strategies.