Selling 179,000 Bitcoins during the economic recession; The mysterious seller of the market has been identified!

study time: 2 minutes

In recent months, every short-term rally in Bitcoin has been met with intense selling pressure, but the root cause was not clear. Now data from China and the results of new research suggest that China’s local governments may be behind the trend.

According to reports, these sales were initiated from assets seized from the PlusToken scam project in 2019; About 194,000 bitcoins that were thought to remain untouched for years.

However, reports suggest that these assets are gradually being sold to support the public budget during the recession. Sales are often made through offshore channels and private Hong Kong brokerages, and are hidden from public view by being converted into yuan.

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According to some estimates, there are still about 15,000 BTC left in the hands of local Chinese governments, which increases the possibility of continued selling pressure in the market.

In contrast, ETFs, whales and institutional investors are still buying Bitcoin. For this reason, analysts believe that once this source of government sales is reduced, the market will no longer be under pressure and Bitcoin can retrace its upward path.

This report shows that the cause of Bitcoin’s performance in 2025 is not a lack of demand, but rather a hidden and heavy supply of a particular resource that has caused constant fluctuations.