中國前所未有的比特幣出售引起了人們對政府在管理佔領的加密貨幣中的作用的擔憂

政府關於加密貨幣的決定通常會對市場產生重大影響，但是中國最近採取的行動標誌著一個重要的轉折點。

Government decisions on cryptocurrencies often have a major impact on the markets, but the scale of recent Chinese actions marks a significant turning point. Beijing has reportedly completed the sale of 194,000 bitcoins, which were seized in 2019 during the dismantling of the PlusToken network, one of the largest Ponzi schemes in crypto history. This massive liquidation, valued at nearly $19.7 billion, raises questions about its economic implications and illustrates the growing complexity of the relationship between states and cryptocurrencies. As bitcoin continues to establish itself as a global store of value, China's move highlights the strategic role governments can play in the evolution of this rapidly changing ecosystem.

政府對加密貨幣的決定通常會對市場產生重大影響，但是最近中國行動的規模標誌著一個重要的轉折點。據報導，北京已經完成了194,000個比特幣的銷售，這些比特幣在拆除Plustoken網絡期間被查獲，這是加密歷史上最大的龐氏騙局之一。這種大規模清算價值將近197億美元，引發了人們對其經濟影響的疑問，並說明了國家與加密貨幣之間關係日益嚴重的複雜性。隨著比特幣繼續將自己確立為全球價值存儲，中國的舉動強調了政策在這個快速變化的生態系統的發展中所發揮的戰略作用。

An unprecedented sale orchestrated by Beijing

由北京精心策劃的空前的銷售

In 2019, Chinese authorities dismantled the PlusToken network, which is considered to be one of the largest Ponzi schemes in crypto history. This fraudulent scheme defrauded billions of dollars from investors worldwide, involving a massive amount of cryptocurrencies. Among the assets seized were 194,000 bitcoins, valued at several billion dollars, which were placed under the control of the Chinese state.

2019年，中國當局拆除了Plustoken網絡，該網絡被認為是加密歷史上最大的龐氏騙局之一。該欺詐計劃為全球投資者欺騙了數十億美元，涉及大量加密貨幣。在佔領的資產中，有194,000比特幣，價值數十億美元，這些比特幣被置於中國國家的控制之下。

According to Ki Young Ju, CEO of CryptoQuant, these bitcoins were gradually sold on platforms like Huobi. "China has already sold 194K bitcoins, in my opinion," he said in a tweet on January 23, 2025. However, Chinese authorities have only stated that the funds were transferred to the national treasury, without providing any further details on their final use. Such a massive sale operation, with a total estimated value of $19.7 billion, put significant pressure on the global bitcoin market. Despite this, the leading cryptocurrency managed to maintain relative stability, experiencing only a 3.7% decline over a 24-hour period, reaching a level slightly below $105,000. This resilience is partly due to the increasing participation of institutional players, who play a stabilizing role in the face of such large-scale events.

CryptoQuant首席執行官Ki Young Ju表示，這些比特幣在Huobi等平台上逐漸出售。他在2025年1月23日的一條推文中說：“我認為中國已經賣出了194K比特幣。但是，中國當局只表示這些資金已轉移到國家財政部，而沒有提供有關其最終使用的任何進一步的細節。這樣的大規模銷售業務，總估計價值為197億美元，給全球比特幣市場帶來了巨大壓力。儘管如此，領先的加密貨幣還是設法保持了相對穩定性，在24小時內僅降低了3.7％，達到略低於105,000美元的水平。這種韌性部分是由於機構參與者的參與日益增加，他們在這樣的大規模事件中起著穩定的作用。

The implications of such an operation

這種操作的含義

Despite the relative stability of bitcoin, the massive sale orchestrated by China raises major concerns about the role of governments in managing seized cryptocurrencies. While some countries opt for transparent approaches, such as public auctions, Beijing's strategy remains shrouded in opacity. "A censored regime that holds a censorship-resistant currency seems unlikely," Ki Young Ju said, highlighting the paradoxes of Chinese policy toward bitcoin. This contradiction reflects the tensions between the decentralized essence of cryptocurrencies and the centralized control exercised by some states.

儘管比特幣具有相對穩定的穩定性，但中國策劃的大規模銷售仍對政府在管理佔領的加密貨幣中的作用引起了重大關注。儘管一些國家選擇透明的方法，例如公眾拍賣，但北京的戰略仍然不透明。 Ki Young Ju說：“持有審查貨幣的審查政權似乎不太可能。”這一矛盾反映了加密貨幣的分散本質與某些州行使的集中控制權之間的緊張關係。

At the same time, this operation seems to have found a certain balance thanks to the involvement of major institutional investors. BlackRock, for example, acquired $600 million worth of bitcoin, reflecting the growing interest of traditional finance in cryptocurrencies. This trend helps to stabilize the markets and strengthen bitcoin's legitimacy as an institutionally recognized store of value. However, some observers warn of potential price pressures linked to global monetary decisions, such as possible interest rate hikes. These factors could amplify short-term volatility, even as institutional interest bodes well for the longer term.

同時，由於主要的機構投資者的參與，這一行動似乎已經找到了一定的平衡。例如，貝萊德（Blackrock）收購了價值6億美元的比特幣，反映了傳統金融對加密貨幣的興趣的日益增長。這種趨勢有助於穩定市場，並加強比特幣的合法性，因為它具有機構認可的價值存儲。但是，一些觀察家警告說，潛在的價格壓力與全球貨幣決策有關，例如可能的利率上升。這些因素可能會擴大短期波動率，即使機構利益在長期內也很好。

This massive liquidation raises questions about the management of cryptocurrencies seized by states. While China opted for a discreet and rapid strategy, other nations might consider more transparent approaches, especially through public auctions or collaboration with the cryptocurrency industry. In a context of increasingly stringent regulations, the attitude of governments toward these assets will be crucial for their adoption and long-term stability. These decisions could ultimately shape the balance between state control and the rise of a market founded on decentralization.

這種大規模清算提出了有關國家扣押的加密貨幣管理的問題。儘管中國選擇了謹慎和快速的戰略，但其他國家可能會考慮採用更多透明的方法，尤其是通過公共拍賣或與加密貨幣行業的合作。在越來越嚴格的法規的背景下，政府對這些資產的態度對於其採用和長期穩定至關重要。這些決定最終可以影響國家控制與基於權力下放的市場的興起之間的平衡。

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Holder of a Sciences Po Toulouse degree and a blockchain consultant certification from Alyra, I joined the Cointribune adventure in 2019. Convinced of blockchain's potential to transform numerous sectors of the economy, I am committed to educating and informing the general public about this rapidly evolving ecosystem. My goal is to help everyone better understand blockchain and seize the opportunities it offers. I strive daily to provide an objective analysis of current events, decipher market trends, relay the latest technological innovations, and put the economic and societal stakes of this unfolding revolution into perspective.

我在2019年加入了Cointribune冒險。 。我的目標是幫助每個人更好地了解區塊鏈並抓住其提供的機會。我每天都在努力對時事，破譯市場趨勢，傳達最新的技術創新，並將這種不斷發展的革命的經濟和社會利益進行客觀分析。