The post Did China Sell 194K Bitcoin? CryptoQuant CEO Ki Young Ju Weighs In! appeared first on Coinpedia Fintech News
Bitcoin recently hit an all-time high after staying around $105K for weeks, but now it’s struggling to break the important $110K mark. Just when things got exciting, new rumors surfaced about China possibly sold 194,000 Bitcoins, as shared by CryptoQuant CEO Ki Young Ju. Does this mean Bitcoin’s price might plunge?
China Sold 194K Bitcoin?
In a recent tweet, Ki Young Ju expressed his belief that China may have already sold its 194,000 Bitcoin stash, which had previously been seized during the PlusToken scam in 2019.Â
China sold 194K #Bitcoin already, imo.
PlusToken's seized BTC in 2019 was sent to Chinese exchanges like Huobi. The CCP said it was "transferred to the national treasury" without clarifying if it was sold.
A censored regime holding censorship-resistant money feels unlikely. pic.twitter.com/ODHD9rSR0d
— Ki Young Ju (@ki_young_ju) January 23, 2025
He pointed to on-chain data suggesting that the seized Bitcoin was mixed and sent through major exchanges like Huobi, which he argues indicates an intention to liquidate the assets for fiat currency. His stance raises questions about the Chinese government’s transparency regarding its cryptocurrency holdings.
While Ju’s claims are rooted in historical behavior and on-chain activities, the lack of official confirmation from the Chinese government leaves room for doubt.
The past actions of China regarding cryptocurrency, including past bans and liquidations, fuel concerns among investors. Yet, without solid evidence of a current sale, the outcome remains uncertain.
China Might be Holding It
Meanwhile, Ju’s theory remains completely speculative. There are also opinions within the market asserting that China still retains control of the 194,000 BTC, making it the second-largest Bitcoin holder after the United States.
What Does This Mean for Bitcoin Price?
According to recent reports from Coindelia News, Bitcoin (BTC) is experiencing some fluctuations. After closing the day with a Marubozu candlestick, it is clear that sellers are starting to gain control. The price has struggled to push beyond critical levels between $107,090 and $109,090, indicating a potential shift in market direction. If bearish sentiment continues BTC may find support between $101,000 and $99,500.
Looking at the daily chart, we can see signs of a potential reversal that has been forming since early December 2024. This is shown by a double-top pattern and a bearish divergence.
If this trend continues, Bitcoin’s price might drop towards the lower part of its current range, around $91,000.
