#Yu Xing Technology purchases Bitcoin.#
Hot Topic Overview
Overview
Hong Kong-listed company Yu Xing Technology recently announced that it had sold approximately 6.3 million USDT and purchased 78.2 BTC between July 25, 2024, and December 31, 2024, at an average price of $80,960 per unit. This transaction marks the entry of a Hong Kong-listed company into the Bitcoin market, previously dominated by US institutions. Some believe that when mainland companies start buying Bitcoin, such as Meitu in 2021, it could signal the end of a bull market.
Ace Hot Topic Analysis
Analysis
Hong Kong-listed company Yu Xing Technology recently announced that it sold approximately 6.3 million USDT between July 25, 2024, and December 31, 2024, and used the proceeds to purchase approximately 78.2 Bitcoin at an average price of $80,960 per Bitcoin. This move has sparked market attention regarding institutional investors entering the Bitcoin market. Previously, Bitcoin purchases were primarily driven by US institutions, but now Hong Kong-listed companies are also joining, which is seen as a signal of a bullish Bitcoin market. However, some analysts believe that when mainland Chinese companies begin to purchase Bitcoin on a large scale, such as the purchase of Bitcoin by Meitu in 2021, it could signal the end of the bull market. Currently, Yu Xing Technology's move has not yet triggered a follow-up by mainland Chinese companies, but its impact on the market is worth noting.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Hong Kong listed companies are starting to buy Bitcoin, signaling that the Bitcoin market may be entering a new stage of development.
Yu Xing Technology's move could trigger other Hong Kong listed companies to follow suit, driving further development of the Bitcoin market.
Mainland companies may also join the ranks of buying Bitcoin in the future, which would be a signal that the Bitcoin market bull run is coming to an end.
Yu Xing Technology's trading strategy shows that institutional investors' interest in Bitcoin is steadily increasing.