This is what an expert in China said: The Bitcoin story can’t go on anymore, and there was even a time when they wanted China to take over the bag. If we’re talking about who’s hit the hardest by this wave of rate hike expectations, it’s gotta be Bitcoin. The crypto asset narrative just can’t hold up anymore. From its peak, Bitcoin has already dropped over 50%. Bitcoin is a zero-yield, highly speculative asset. In a high-interest-rate environment, the opportunity cost of holding it rises significantly. Hedge funds and asset management institutions are actively reducing their crypto holdings, flowing back into U.S. Treasuries and dollar money market funds. This is the root cause of the ongoing decline. Currently, Bitcoin’s correlation with Nasdaq tech stocks remains above 0.6. Its price movements are an early indicator of how cross-border hot money views risk assets. Bitcoin’s continued weakness reflects a marginal decline in global risk appetite and a contraction in speculative sentiment, which often signals increased volatility for overvalued U.S. growth stocks. There was a time when Bitcoin wanted China to take over the bag, but our country explicitly banned virtual currency trading and speculation. Since the A-share market has no native crypto-related stocks, funds from the crypto world can hardly flow directly into A-shares. As a result, Bitcoin’s plan was dead on arrival. What do you all think? Is the expert right?