#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 Bitcoin between July 25, 2024, and December 31, 2024, at an average price of $80,960 per Bitcoin. The total value of the transaction was approximately $6.3 million. Previously, mainly US institutions were buying Bitcoin, but now Hong Kong-listed companies are also entering the market, which some interpret as a signal that the bull market is coming to an end.
Ace Hot Topic Analysis
Analysis
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 Bitcoin. This means that Yu Xing Technology has shifted some of its funds from the stablecoin USDT to Bitcoin, which is interpreted as the company being optimistic about the future development of Bitcoin. Previously, the Bitcoin buying spree was mainly driven by US institutions, but now Hong Kong-listed companies are also entering the market, which is seen by some market participants as a signal that the Bitcoin bull market is coming to an end. If mainland companies also start buying Bitcoin on a large scale in the future, similar to the situation of Meitu in 2021, then the Bitcoin bull market may really be over.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Hong Kong listed companies are starting to buy Bitcoin, signaling a growing interest in cryptocurrencies from institutional investors.
Yu Xing Technology's move could signal that more Hong Kong listed companies will join the Bitcoin investment ranks in the future.
Mainland companies starting to buy Bitcoin could mean the bull market is coming to an end, similar to Meitu's move in 2021.
Yu Xing Technology's trading strategy is to convert USDT to Bitcoin, indicating its bullish stance on Bitcoin.