**Chinese Government's Alleged Crypto Sell-Off: Fact or Fiction?**
On Thursday, August 8, Bitcoin experienced a sharp rebound, surging above $57,000 after a deep plunge, while Ethereum decoupled and spiked back to the $2,460 level. This market activity coincided with alarming rumors suggesting that the Chinese government had suddenly begun liquidating a significant amount of Ethereum. These rumors quickly stirred up the crypto community, leading to concerns about a potential market downturn.
The chain data analysis platform Lookonchain initially fueled these fears with a now-deleted post on Twitter, alleging that wallets linked to TokenPlus had transferred approximately 789,533 ether, valued at nearly $2 billion. However, this claim was met with skepticism and further investigation by the Chinese blockchain analyst EmberCN, who stepped in to clarify the situation.
EmberCN's analysis revealed that the original report was misleading. Most of the ether in question had already been sold back in 2021. Specifically, the investigation traced the bulk of the 789,500 ether to the cryptocurrency exchange Bidesk, located in the British Virgin Islands, with transactions occurring between June and September 2021. In reality, only about 25,757 ether, worth $63.1 million, had been moved in the past 24 hoursâfar less than the initially reported figure.
Despite Lookonchain deleting their post, they have yet to issue an official clarification. Meanwhile, Arkham Intelligence, another blockchain analysis platform, reported that wallets associated with TokenPlus had transferred around $450 million worth of Ethereum. However, closer examination showed minimal movement from TokenPlusâ main wallet, with just $12 million in ether transferred over the past 12 hours.#chineseinvestors #ChinaCrypto #ChinaEconomy
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