Understanding the Market | Bitcoin concept stocks collectively declined as Bitcoin fell below $105,000 during intraday trading, with institutions showing a clear decrease in demand for Bitcoin
Bitcoin concept stocks collectively fell, with YUNFENG FIN down 8.69%, Mi Strategy down 7.26%, BOYAA down 6.54%, and OKG TECH down 5.66%. The price of Bitcoin briefly fell below $105,000, with institutional demand significantly cooling. The founder of Capriole Investments pointed out that institutional demand has fallen below the new coin mining rate for the first time, suggesting that large buyers may be retreating. Glassnode data shows that the weekly net inflow of BlackRock's spot Bitcoin ETF was less than 600 coins, indicating an overall risk-averse tone in the Bitcoin market
According to Zhitong Finance APP, Bitcoin concept stocks collectively declined. As of the time of publication, YUNFENG FIN (00376) fell by 8.69%, trading at HKD 3.89; Mi Strategy (02440) dropped by 7.26%, trading at HKD 2.3; BOYAA (00434) decreased by 6.54%, trading at HKD 5; OKG TECH (01499) fell by 5.66%, trading at HKD 0.25.
On the news front, on Monday, the cryptocurrency market continued to be under pressure, with Bitcoin's price briefly falling below USD 105,000. According to Wall Street Insights, the founder of Capriole Investments stated that institutional demand for Bitcoin has fallen below the new coin mining rate for the first time in seven months. This shift suggests that large buyers may be retreating and, combined with other market activities, points to a risk-averse tone across the entire cryptocurrency market.
In addition, blockchain data analysis platform Glassnode shows that over the past three weeks, the weekly net inflow of BlackRock's spot Bitcoin ETF has been less than 600 Bitcoins. In previous major uptrends during this cycle, the ETF's weekly net inflow had exceeded 10,000 Bitcoins, indicating a significant decline in current inflows compared to that time. Glassnode analysts noted that this marks a clear slowdown in institutional demand
