CryptoQuant CEO Ki Young Ju X shared on his account that China may have sold the 194 thousand Bitcoins it seized from PlusToken.
While Bitcoin has been exhibiting quite volatile movements in recent days, CryptoQuant CEO has further fueled BTC concerns in the market.
He stated that the Chinese government may have sold 194,000 BTC that it seized from PlusToken, a crypto Ponzi scheme, in 2019.
Ju argued that China sold all 194,000 BTC despite officially saying that they transferred these Bitcoins to the national treasury.
To support his claim, the famous CEO pointed to on-chain data suggesting that Bitcoins seized from Plus Token were mixed and distributed through exchanges like Huobi.
“I think China sold 194K Bitcoin.
The BTC seized from PlusToken in 2019 was sent to Chinese exchanges like Huobi. The CCP said it was “transferred to the national treasury,” without disclosing whether it was sold or not.
But it seems unlikely that a censorious regime would be able to hold onto censorship-resistant money.”
Despite the CryptoQuant CEO’s Bitcoin sales claims, users argued that some data showed China still holds 194,000 BTC, making it the second-largest Bitcoin holder after the U.S. At this point, a user responding to Ju’s post provided a chart supporting this claim.
If so, this must be wrong. Wow. pic.twitter.com/60AAwJvFRs
— Jerry (@JerryYun44) January 23, 2025
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/bitcoin-btc-and-china-claim-came-from-cryptoquant-ceo-fueled-the-decline/