#数字资产市场观察 Singapore institution QCP Capital's latest observation: Bitcoin's sideways movement after Thanksgiving was broken by a wave of dumping at the beginning of December.

Behind this round of decline, the troubles in the Asian market are considerable. The Bank of Japan's governor made hawkish remarks, and the market immediately bet on a rate hike on December 19th — the two-year government bond yield has already reached 1%, with the probability being speculated at 76%. Worse still, over in China, the PMI data exploded like a bomb: non-manufacturing activity has contracted for the first time in three years, dragging down growth expectations for the entire region.

The CEO of Strategy added fuel to the fire by saying that the company might have to sell coins due to funding issues, which immediately triggered panic in the market.

To be honest, it's quite contradictory—over in the US, liquidity is easing, and funds for the spot ETF are also turning into net inflows, but the price of Bitcoin just won't cooperate, still following the macro narrative. The key now is whether it can hold the previous low point; we need to keep a close eye on liquidity and the movements of funds related to the Strategy.