Chinese Buying Up Bitcoin ?
” The narrative that China is ‘buying up bitcoin’ is very dubious, according to a local investor and Primitive founder, Dovey Wan. However, as a foil to ‘moon BTC‘, she is behind it all the way.
CHINA UNLIKELY TO BE ‘LOADING UP’ ON BITCOIN
Bitcoin’s most recent rally, along with the seemingly synchronized devaluation of the Chinese Yuan, prompted speculation that the two were linked. Could Chinese investors be fleeing the weakening Yuan and running into the open arms of BTC?
However, Dovey Wan took to Twitter to pour cold water on the suggestion, chiefly for two major reasons:
On Chinese-centric exchanges, bitcoin is actually trading at a negative premium.
Over The Counter (OTC) bitcoin price denominated in RMB (Yuan), is within its normal range, at a 1% premium.
Dovey Wan 🗝 🦖
“Chinese buying up Bitcoin” is a VERY dubious narrative IMO
1. Bitcoin is trading at a negative premium in Chinese centric exchanges like Huobi and Okex
2. RMB denominated OTC price is now at 1% premium, within its normal range since the bull ”