This is bad news for two reasons.

But the main reason is that the market makers have been waiting for this news, and they took advantage of the trend when the news came out. This is not a big negative in itself.

FUD1. Evergrande goes bankrupt, TEDA usdt owns Evergrande bonds.

fud2. Hype X sells BTC.

The main interest behind it is that Wall Street launched Paypal PUSD to seize market share.

But there are also upsides, the ETH ETF may pass before the BTC ETF.

This may be one of the main narratives in the next 2-3 months. With $OP $LDO $ETH and l2 under coinbase, there may be huge opportunities for the base chain to rise to the sky.

Next I may go research and learn more.