Bitcoin News: As BTC continues its volatile trading, the recent revelation of the CryptoQuant CEO has further fueled market concerns. In a recent X post, Ki Young Ju said that China has likely sold 194,000 Bitcoin, which has dampened the investors’ sentiment. Notably, this also contradicts the recent global trend of soaring BTC adoption and the US possibly exploring to creation of a Bitcoin Strategic Reserve.
Bitcoin News: CryptoQuant CEO Makes Bold Claim On China’s BTC Sale
In a recent X post, CryptoQuant CEO said that China has likely sold its Bitcoin holdings, which has sparked discussions in the market. In other words, Ki Young Ju’s recent statement raises questions about the fate of Bitcoin seized during the 2019 PlusToken scam.
Notably, Ju argued that China had sold the entire stash of 194,000 BTC, despite official claims of transferring it to the national treasury. He emphasized, “A censored regime holding censorship-resistant money feels unlikely.”
Meanwhile, to bolster his argument, Ju pointed to on-chain data suggesting that Bitcoin was mixed and distributed through exchanges like Huobi. He questioned the use of mixers if the intention wasn’t to sell the cryptocurrency. This theory aligns with suspicions that the Chinese government liquidated these assets to secure fiat funds.
Bitcoin Holding Data Fuels Discussions
Despite the CryptoQuant CEO’s assertions, some data suggests that China still holds 194,000 BTC, making it the second-largest Bitcoin holder after the United States. A user responding to Ju’s post presented a chart supporting this claim.
However, the CryptoQuant founder dismissed these reports, reiterating his faith in blockchain analysis over official statements. He stated:
“On-chain data tells a different story: they sold everything, using mixers to distribute funds across exchanges in 2019. I trust on-chain, not the CCP.”
This discrepancy highlights the opacity of government-held cryptocurrency transactions and fuels debate over China’s true Bitcoin position. Besides, it also adds to market uncertainty, which has already forced investors to move cautiously amid the broader crypto market selloff.
Bitcoin Gains Traction In Global Market
Despite the latest Bitcoin news, the flagship crypto remained on the global investors’ radar lately. However, the CryptoQuant CEO’s claims come at a time after the US reportedly sold $6.7 billion worth of Bitcoin, pressuring the broader crypto market.
Such large-scale liquidations contribute to market volatility, dampening investor confidence. Having said that, if China indeed sold its Bitcoin reserves, it may further impact BTC’s price trajectory. Meanwhile, Bitcoin adoption is also gaining momentum worldwide, with discussions about a US Bitcoin Strategic Reserve signaling institutional interest.
What’s Next For BTC?
BTC price today was down about 2.5% and exchanged hands at $102,323 and its trading volume slipped 19% to $60 billion. Notably, the crypto has touched a 24-hour high of $105.5K while falling to as low as $101.5K. Further, Bitcoin Futures Open Interest fell 2% reflecting the hovering market uncertainty.
Meanwhile, the speculation around China’s Bitcoin reserves fuels further concerns about BTC’s market dynamics. While on-chain data appears to support Ju’s theory, the lack of official confirmation keeps the debate alive. Notably, as global leaders are increasing their focus towards the flagship crypto, this recent revelation has dampened the investors’ sentiment.
However, despite that, market experts remained confident about the long-term trajectory of the coin, especially after Trump’s inauguration. Although the US President skipped mentioning BTC or crypto during his inauguration, which impacted the crypto market, experts remain hopeful. For context, Coinbase CEO anticipates increasing investment into the crypto sector under Trump’s presidency.
However, as BTC continues to slump, a recent Bitcoin price analysis hints at key levels to watch for the crypto.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
âś“ Share: