中国前所未有的比特币出售引起了人们对政府在管理占领的加密货币中的作用的担忧

政府关于加密货币的决定通常会对市场产生重大影响，但是中国最近采取的行动标志着一个重要的转折点。

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.

政府对加密货币的决定通常会对市场产生重大影响，但是最近中国行动的规模标志着一个重要的转折点。据报道，北京已经完成了194,000个比特币的销售，这些比特币在拆除Plustoken网络期间被查获，这是加密历史上最大的庞氏骗局之一。这种大规模清算价值将近197亿美元，引发了人们对其经济影响的疑问，并说明了国家与加密货币之间关系日益严重的复杂性。随着比特币继续将自己确立为全球价值存储，中国的举动强调了政策在这个快速变化的生态系统的发展中所发挥的战略作用。

An unprecedented sale orchestrated by Beijing

由北京精心策划的空前的销售

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，中国当局拆除了Plustoken网络，该网络被认为是加密历史上最大的庞氏骗局之一。该欺诈计划为全球投资者欺骗了数十亿美元，涉及大量加密货币。在占领的资产中，有194,000比特币，价值数十亿美元，这些比特币被置于中国国家的控制之下。

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首席执行官Ki Young Ju表示，这些比特币在Huobi等平台上逐渐出售。他在2025年1月23日的一条推文中说：“我认为中国已经卖出了194K比特币。但是，中国当局只表示这些资金已转移到国家财政部，而没有提供有关其最终使用的任何进一步的细节。这样的大规模销售业务，总估计价值为197亿美元，给全球比特币市场带来了巨大压力。尽管如此，领先的加密货币还是设法保持了相对稳定性，在24小时内仅降低了3.7％，达到略低于105,000美元的水平。这种韧性部分是由于机构参与者的参与日益增加，他们在这样的大规模事件中起着稳定的作用。

The implications of such an operation

这种操作的含义

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.

尽管比特币具有相对稳定的稳定性，但中国策划的大规模销售仍对政府在管理占领的加密货币中的作用引起了重大关注。尽管一些国家选择透明的方法，例如公众拍卖，但北京的战略仍然不透明。 Ki Young Ju说：“持有审查货币的审查政权似乎不太可能。”这一矛盾反映了加密货币的分散本质与某些州行使的集中控制权之间的紧张关系。

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.

同时，由于主要的机构投资者的参与，这一行动似乎已经找到了一定的平衡。例如，贝莱德（Blackrock）收购了价值6亿美元的比特币，反映了传统金融对加密货币的兴趣的日益增长。这种趋势有助于稳定市场，并加强比特币的合法性，因为它具有机构认可的价值存储。但是，一些观察家警告说，潜在的价格压力与全球货币决策有关，例如可能的利率上升。这些因素可能会扩大短期波动率，即使机构利益在长期内也很好。

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.

这种大规模清算提出了有关国家扣押的加密货币管理的问题。尽管中国选择了谨慎和快速的战略，但其他国家可能会考虑采用更多透明的方法，尤其是通过公共拍卖或与加密货币行业的合作。在越来越严格的法规的背景下，政府对这些资产的态度对于其采用和长期稳定至关重要。这些决定最终可以影响国家控制与基于权力下放的市场的兴起之间的平衡。

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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冒险。 。我的目标是帮助每个人更好地了解区块链并抓住其提供的机会。我每天都在努力对时事，破译市场趋势，传达最新的技术创新，并将这种不断发展的革命的经济和社会利益进行客观分析。