TechFlow News: On February 9, Tencent Finance’s “Qianwang” published an article titled “The Cryptocurrency Collapse: Veteran Crypto Investor Yili Hua Loses $700 Million in One Week.” According to the article, several cryptocurrency investors based in Hong Kong or Singapore believe the immediate trigger for this sharp market downturn was the flash crash in silver and gold prices, which accelerated the decline of Bitcoin and other cryptocurrencies. The “four-year cycle” theory remains valid for the crypto market. Additionally, some private banking managers revealed that numerous high-net-worth clients redeemed their cryptocurrency allocations over the past week.
Some more optimistic observers believe this winter may end sooner than previous ones. So far, aside from Yili Hua, no top-tier billionaires or leading companies have gone bankrupt or fallen into crisis, nor have any institutions been accused of regulatory violations—a scenario that, in past market crashes, repeatedly triggered investor confidence crises. Reportedly, a Hong Kong-based fund began accumulating positions at bargain prices on February 6; the specific scale remains unknown.
