sooly on Nostr: The claim about China selling 194,000 BTC cannot be definitively verified, but there ...
The claim about China selling 194,000 BTC cannot be definitively verified, but there is compelling on-chain evidence supporting this theory:
## Evidence Supporting the Sale
**On-Chain Analysis**
- The seized PlusToken Bitcoin was tracked moving through mixers and being distributed to exchanges like Huobi in 2019[1][4]
- The Bitcoin stash peaked at 171,000 BTC in August 2019 but diminished to less than 50,000 BTC by December 2019[5]
- This sell-off coincided with Bitcoin's price drop from $12,000 to $6,000 in late 2019[5]
**Technical Indicators**
- The use of mixers and multiple exchanges suggests an intent to sell, as there would be no reason to use such methods for simple treasury storage[1][2]
- Valkyrie's 2022 report, based on CryptoQuant and Ergo BTC data, described this as "the first major indirect liquidity attack on Bitcoin by a government"[5]
## Conflicting Information
**Official Position**
- The Chinese Communist Party claimed the funds were "transferred to the national treasury" but never clarified if they were sold[1]
- Some data suggests China still holds 194,000 BTC, making it the second-largest Bitcoin holder after the US[2]
**Market Impact**
- If the sale occurred in 2019, the 194,000 BTC would have been worth about $2 billion then[5]
- At current prices, this same amount would be valued at approximately $20.2 billion[5]
The lack of official confirmation from Chinese authorities and the opaque nature of government cryptocurrency transactions makes absolute verification impossible[11]. However, the on-chain evidence provides strong support for Ki Young Ju's analysis.
Sources
[1] CryptoQuant CEO believes China may have sold its entire 194,000 Bitcoin stash in 2019 https://cryptoslate.com/cryptoquant-ceo-believes-china-may-have-sold-its-entire-194000-bitcoin-stash-in-2019/
[2] Bitcoin (BTC) and China Claim Came From CryptoQuant CEO ... https://en.bitcoinsistemi.com/bitcoin-btc-and-china-claim-came-from-cryptoquant-ceo-fueled-the-decline/
[3] Bitcoin News: China Likely Dumped 194K BTC, CryptoQuant CEO ... https://www.hpbl.co.in/news/bitcoin-news-china-likely-dumped-194k-btc-cryptoquant-ceo-says/
[4] China Allegedly Sold 194000 Bitcoin from PlusToken Seizure https://cn.blockchain.news/flashnews/china-allegedly-sold-194-000-bitcoin-from-plustoken-seizure
[5] China Already Sold 194K Bitcoins Seized From PlusToken https://thecryptobasic.com/2025/01/23/china-already-sold-194k-bitcoins-seized-from-plustoken-cryptoquant-chief/
[6] What Happened to PlusToken's Bitcoin Seized by China? https://coinedition.com/did-china-secretly-sell-seized-bitcoin-from-plustoken-ponzi-scheme/
[7] Ju Ki-young: "19,4000 BTC Seized by Chinese Government Likely Already Sold" https://bloomingbit.io/en/feed/news/82188
[8] China May Have Sold 194000 BTC Seized from PlusToken Scam in ... https://www.chaincatcher.com/en/article/2164285
[9] China sold near $20B Bitcoin from PlusToken seizure - TradingView https://www.tradingview.com/news/cointelegraph:4fbe3012b094b:0-china-sold-near-20b-bitcoin-from-plustoken-seizure-cryptoquant-ceo/
[10] CryptoQuant founder: China may have sold 194,000 BTC seized from PlusToken scam in 2019 https://www.panewslab.com/en/articledetails/o8ewsx0p.html
[11] Bitcoin's Struggle: China Rumors Fuel Market Uncertainty - IcoHolder https://icoholder.com/en/news/bitcoins-struggle-china-rumors-fuel-market-uncertainty
[12] China's Bitcoin Sale Sparks Market Uncertainty - cointurk news https://en.coin-turk.com/chinas-bitcoin-sale-sparks-market-uncertainty/
[13] Bitcoin News: China Likely Dumped 194K BTC, CryptoQuant CEO ... https://coingape.com/bitcoin-news-china-likely-dumped-194k-btc-cryptoquant-ceo-says/
[14] Bitcoin News on X: "NEW: China sold its entire 194K BTC stash ... https://twitter.com/BitcoinNewsCom/status/1882465819667423272
[15] China Already Sold 194K Bitcoins Seized From PlusToken https://thecryptobasic.com/2025/01/23/china-already-sold-194k-bitcoins-seized-from-plustoken-cryptoquant-chief/
[16] Bitcoin News: China Likely Dumped 194K BTC, CryptoQuant CEO ... https://coingape.com/bitcoin-news-china-likely-dumped-194k-btc-cryptoquant-ceo-says/
[17] China sold near $20B Bitcoin from PlusToken seizure - Cointelegraph https://cointelegraph.com/news/china-sold-19b-bitcoin-token-seizure
[18] Bitcoin's Struggle: China Rumors Fuel Market Uncertainty - IcoHolder https://icoholder.com/en/news/bitcoins-struggle-china-rumors-fuel-market-uncertainty
[19] Fintech World News https://www.roitan.com
[20] China may have sold 194000 BTC seized from PlusToken scam in ... https://www.panewslab.com/en/sqarticledetails/o8ewsx0p.html
## Evidence Supporting the Sale
**On-Chain Analysis**
- The seized PlusToken Bitcoin was tracked moving through mixers and being distributed to exchanges like Huobi in 2019[1][4]
- The Bitcoin stash peaked at 171,000 BTC in August 2019 but diminished to less than 50,000 BTC by December 2019[5]
- This sell-off coincided with Bitcoin's price drop from $12,000 to $6,000 in late 2019[5]
**Technical Indicators**
- The use of mixers and multiple exchanges suggests an intent to sell, as there would be no reason to use such methods for simple treasury storage[1][2]
- Valkyrie's 2022 report, based on CryptoQuant and Ergo BTC data, described this as "the first major indirect liquidity attack on Bitcoin by a government"[5]
## Conflicting Information
**Official Position**
- The Chinese Communist Party claimed the funds were "transferred to the national treasury" but never clarified if they were sold[1]
- Some data suggests China still holds 194,000 BTC, making it the second-largest Bitcoin holder after the US[2]
**Market Impact**
- If the sale occurred in 2019, the 194,000 BTC would have been worth about $2 billion then[5]
- At current prices, this same amount would be valued at approximately $20.2 billion[5]
The lack of official confirmation from Chinese authorities and the opaque nature of government cryptocurrency transactions makes absolute verification impossible[11]. However, the on-chain evidence provides strong support for Ki Young Ju's analysis.
Sources
[1] CryptoQuant CEO believes China may have sold its entire 194,000 Bitcoin stash in 2019 https://cryptoslate.com/cryptoquant-ceo-believes-china-may-have-sold-its-entire-194000-bitcoin-stash-in-2019/
[2] Bitcoin (BTC) and China Claim Came From CryptoQuant CEO ... https://en.bitcoinsistemi.com/bitcoin-btc-and-china-claim-came-from-cryptoquant-ceo-fueled-the-decline/
[3] Bitcoin News: China Likely Dumped 194K BTC, CryptoQuant CEO ... https://www.hpbl.co.in/news/bitcoin-news-china-likely-dumped-194k-btc-cryptoquant-ceo-says/
[4] China Allegedly Sold 194000 Bitcoin from PlusToken Seizure https://cn.blockchain.news/flashnews/china-allegedly-sold-194-000-bitcoin-from-plustoken-seizure
[5] China Already Sold 194K Bitcoins Seized From PlusToken https://thecryptobasic.com/2025/01/23/china-already-sold-194k-bitcoins-seized-from-plustoken-cryptoquant-chief/
[6] What Happened to PlusToken's Bitcoin Seized by China? https://coinedition.com/did-china-secretly-sell-seized-bitcoin-from-plustoken-ponzi-scheme/
[7] Ju Ki-young: "19,4000 BTC Seized by Chinese Government Likely Already Sold" https://bloomingbit.io/en/feed/news/82188
[8] China May Have Sold 194000 BTC Seized from PlusToken Scam in ... https://www.chaincatcher.com/en/article/2164285
[9] China sold near $20B Bitcoin from PlusToken seizure - TradingView https://www.tradingview.com/news/cointelegraph:4fbe3012b094b:0-china-sold-near-20b-bitcoin-from-plustoken-seizure-cryptoquant-ceo/
[10] CryptoQuant founder: China may have sold 194,000 BTC seized from PlusToken scam in 2019 https://www.panewslab.com/en/articledetails/o8ewsx0p.html
[11] Bitcoin's Struggle: China Rumors Fuel Market Uncertainty - IcoHolder https://icoholder.com/en/news/bitcoins-struggle-china-rumors-fuel-market-uncertainty
[12] China's Bitcoin Sale Sparks Market Uncertainty - cointurk news https://en.coin-turk.com/chinas-bitcoin-sale-sparks-market-uncertainty/
[13] Bitcoin News: China Likely Dumped 194K BTC, CryptoQuant CEO ... https://coingape.com/bitcoin-news-china-likely-dumped-194k-btc-cryptoquant-ceo-says/
[14] Bitcoin News on X: "NEW: China sold its entire 194K BTC stash ... https://twitter.com/BitcoinNewsCom/status/1882465819667423272
[15] China Already Sold 194K Bitcoins Seized From PlusToken https://thecryptobasic.com/2025/01/23/china-already-sold-194k-bitcoins-seized-from-plustoken-cryptoquant-chief/
[16] Bitcoin News: China Likely Dumped 194K BTC, CryptoQuant CEO ... https://coingape.com/bitcoin-news-china-likely-dumped-194k-btc-cryptoquant-ceo-says/
[17] China sold near $20B Bitcoin from PlusToken seizure - Cointelegraph https://cointelegraph.com/news/china-sold-19b-bitcoin-token-seizure
[18] Bitcoin's Struggle: China Rumors Fuel Market Uncertainty - IcoHolder https://icoholder.com/en/news/bitcoins-struggle-china-rumors-fuel-market-uncertainty
[19] Fintech World News https://www.roitan.com
[20] China may have sold 194000 BTC seized from PlusToken scam in ... https://www.panewslab.com/en/sqarticledetails/o8ewsx0p.html