#Yu Xing Technology purchases Bitcoin.#
Hot Topic Overview
Overview
Hong Kong-listed company Yu Xing Technology recently announced that it will sell approximately 6.3 million USDT between July 25 and December 31, 2024, and use all proceeds to purchase 78.2 Bitcoin at an average price of $80,960. This move signifies that Hong Kong-listed companies are starting to enter the Bitcoin market, previously dominated by US institutions. Some analysts believe that when mainland companies, such as Meitu in 2021, begin buying Bitcoin, it could signal the end of a bull market.
Ace Hot Topic Analysis
Analysis
Yu Xing Technology recently conducted a series of transactions in the open market, including the sale of approximately 6.3 million USDT and the purchase of 78.2 BTC. This indicates that Hong Kong-listed companies are starting to enter the market to buy Bitcoin, previously dominated by US institutions. These transactions took place between July 25 and December 31, 2024, with Yu Xing Technology purchasing Bitcoin at an average price of $80,960 per coin, totaling approximately $6.3 million. Notably, all USDT sold were converted into equivalent Bitcoin. This event has sparked speculation in the market about whether mainland companies will follow suit and enter the market to buy Bitcoin. If mainland companies start buying Bitcoin, it could signal the end of the bull market, similar to the case of Meitu Inc. in 2021.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Hong Kong listed companies are starting to buy Bitcoin, which may signal a new growth driver for the Bitcoin market.
The move by Yu Xing Technology may trigger other Hong Kong listed companies to follow suit, further driving the development of the Bitcoin market.
Mainland companies may follow the example of Hong Kong listed companies and buy Bitcoin, but there are no clear signs yet.
Large-scale purchases of Bitcoin by mainland companies may mean the bull market is coming to an end.