#Yu Xing Technology purchases Bitcoin.#
Hot Topic Overview
Overview
Hong Kong-listed company Yu Xing Technology recently announced that it purchased 78.2 bitcoins for approximately US$80,960 between July 25 and December 31, 2024, with a total value of approximately US$6.3 million. To pay for this purchase, Yu Xing Technology sold USDT worth approximately US$6.3 million. Previously, the bitcoin buying spree was mainly driven by US institutions, but now Hong Kong-listed companies are also joining in. Does this mean the bull market is about to end? Some believe that once mainland companies start buying bitcoin on a large scale like Meitu did in 2021, the bull market may be nearing its end.
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 and December 31, 2024, and used all the proceeds to purchase approximately 78.2 Bitcoin at an average price of $80,960. This move has attracted market attention, as it was previously mainly US institutions that were buying Bitcoin, and now Hong Kong-listed companies are also entering the market. Some analysts believe that if mainland companies also start buying Bitcoin, such as Meitu in 2021, it could signal that the bull market is nearing its end.
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 enter 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 follow Yu Xing Technology's lead and buy Bitcoin, pushing the Bitcoin market into a new bull market.
Yu Xing Technology's move may signal that the Bitcoin market is about to enter a new bull market, but it could also be an isolated incident that does not represent the overall market trend.