After two days of bullish momentum, market sentiment is high, leading to a retraction of previous bearish rumors. Are shorts about to get squeezed?

One such rumor, claiming "The Chinese government holds 194,000 bitcoins for sale," has been debunked. On July 5, Wu Shuo clarified that the widely circulated claim about the Chinese government holding 194,000 bitcoins from PlusToken was incorrect.

After speaking with numerous OTC merchants, it was revealed that most of these bitcoins were actually sold when Bitcoin's price ranged between $7,000 and $12,000, from late 2019 to mid-2020. The legal judgment stating that "funds and proceeds obtained shall be confiscated according to law and turned over to the state treasury" supports this assertion.

On-chain data further indicates that the majority of these bitcoins were sold through Huobi, confirming that the Chinese government no longer holds these assets.

Stay updated as we continue to monitor these developments. $BTC

#Write2Earn! #BinanceTournament #ETH_ETFs_Approval_Predictions #US_Job_Market_Slowdown #BinanceTurns7