In 2015, when the Shanghai bubble collapsed and the yuan was devalued, Chinese speculators really ran into bitcoin. Exchanges like Huobi and OKCoin spun almost the entire world volume, and BTC has become one of the few working ways to get money out of control. The bubble burst the capital partially flowed into the crypt.
Ten years later, everything looks different. STAR50 (the index of Chinese AI and chips) has sunsed by about 40% since July, erased about $480 billion. During the same period, bitcoin grew by about a quarter. The crypt almost did not react to the daily drawdowns of Shanghai shares it remained near its levels while Chinese retail investors counted losses.
Capital control has not gone anywhere, but the crypto market itself in China has long been under a strict ban. Speculative retail can no longer be transferred from stocks to bitcoin as easily as in 2015. The crypt lives in its own cycles, ETF and American macro. The Chinese collapse has become more of a test of how much the market has already untied than a new driver.
Ten years later, everything looks different. STAR50 (the index of Chinese AI and chips) has sunsed by about 40% since July, erased about $480 billion. During the same period, bitcoin grew by about a quarter. The crypt almost did not react to the daily drawdowns of Shanghai shares it remained near its levels while Chinese retail investors counted losses.
Capital control has not gone anywhere, but the crypto market itself in China has long been under a strict ban. Speculative retail can no longer be transferred from stocks to bitcoin as easily as in 2015. The crypt lives in its own cycles, ETF and American macro. The Chinese collapse has become more of a test of how much the market has already untied than a new driver.
