It's not overhyped, how come the prices could go down in the instance that China announces something negative for the bitcoin market. I think that if your country can move markets, it is influential in my book.
China has progressive in many sectors, they don't abandon traditional investments. the volume of the market they have in crypto has a big contribution
in various Asian countries there are also good developments
I would agree that they are progressive but the problem is that coupled with their progress is that they are violating a lot of human rights that I can't really be on their side in terms of progress. Also, their contribution to crypto is just that they have a lot of people that are interested and the state also bought a lot of bitcoin.