Did China Sell 194,000 Bitcoin? CryptoQuant CEO Sparks Debate

Rumors swirl as CryptoQuant CEO Ki Young Ju suggests China may have sold 194,000 BTC seized from the 2019 PlusToken scam. This speculation coincides with Bitcoin’s struggle to surpass $110K amid bearish signals.

China Alleged Bitcoin Sell-Off: Rumors or Reality?

Bitcoin, the flagship cryptocurrency, has recently climbed to a new all-time high, briefly touching $110K before retracing. However, fresh speculation from CryptoQuant CEO Ki Young Ju has cast a shadow over market sentiment. Ju claims that China might have sold off 194,000 BTC seized during the infamous 2019 PlusToken scam.

Ju pointed to on-chain data suggesting that the seized Bitcoin was transferred to major exchanges, including Huobi, and mixed through various wallets—a pattern typically associated with asset liquidation. He theorized that this activity indicates an intent to convert Bitcoin into fiat currency.

However, without an official statement from the Chinese government, this claim remains unverified. The lack of transparency has left investors questioning whether this massive liquidation actually occurred or if China still holds the assets.

China’s Role in the Bitcoin Ecosystem

China’s complex history with cryptocurrency regulation lends weight to these concerns. The country has consistently imposed strict measures, from banning crypto transactions to seizing assets from illegal schemes like PlusToken.

In 2019, Chinese authorities confiscated 194,000 BTC and other crypto assets worth over $4 billion at the time. If these coins have indeed been sold, it would represent one of the largest liquidations in Bitcoin’s history, potentially influencing price trends.

However, some analysts speculate that China may still hold the Bitcoin, potentially making it the second-largest Bitcoin holder after the U.S. This uncertainty fuels market anxiety, particularly as Bitcoin attempts to maintain its bullish momentum.

Bitcoin Price Trends and Key Levels

Bitcoin’s recent rally to $110K encountered significant resistance, with the price now fluctuating between $107K and $109K. Coindelia News reports that Bitcoin’s daily candlestick patterns, including a Marubozu candlestick, suggest that sellers are gaining traction.

A double-top pattern and bearish divergence forming on the daily chart signal a possible market reversal. If bearish momentum strengthens, Bitcoin could retrace toward key support levels at $101K or even $91K.

Market analysts caution that Bitcoin’s recent price struggles may reflect broader concerns about macroeconomic conditions and rumors of large-scale sell-offs, such as the alleged Chinese liquidation.

Community Reactions

The crypto community remains divided over Ki Young Ju’s claims. While some investors find his analysis compelling, others argue that without concrete evidence, the theory remains speculative.

China’s history of influencing the crypto market through regulatory actions and asset liquidations adds credibility to the concerns. However, market participants are urging caution, emphasizing the importance of verified data over rumors.

What’s Next for Bitcoin Investors?

Bitcoin’s ability to maintain its bullish trajectory depends on overcoming the $110K resistance level and alleviating market fears surrounding potential sell-offs. Investors are advised to monitor key levels and remain alert to any developments related to China’s crypto holdings.

Final Thoughts

Whether China has sold its Bitcoin or still holds the assets, the uncertainty underscores the volatility of the cryptocurrency market. As Bitcoin continues to battle resistance at $110K, traders must navigate a landscape shaped by speculation and unverified claims.

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