#BTC After more than two days of market volatility, the bears seem to have the upper hand, and they triumphantly withdrew the negative rumors they had spread previously. Does this indicate that the direction of the market is about to reverse?

Clarifying a false rumor: "The Chinese government holds 194,000 bitcoins for sale" is not accurate.

According to Wu's report on July 5, a widely circulated document recently claimed that the Chinese government obtained 194,000 bitcoins from the PlusToken case and planned to sell them. However, after verification, this news is misleading. After communicating with several over-the-counter (OTC) traders, it was learned that most of this batch of bitcoins had been sold when the price of Bitcoin was between $7,000 and $12,000 from the end of 2019 to mid-2020. The description of "the funds and proceeds obtained shall be confiscated according to law and turned over to the state treasury" in the judgment further confirms this fact. On-chain data analysis shows that these bitcoins were mainly disposed of through the Huobi exchange. $BTC