According to Ki Young Ju, CEO of CryptoQuant, the Chinese government sold approximately 20 billion USD worth of Bitcoin, impacting the market. The BTC was seized back in 2019 and sold at a price point near 106,326 USD.
Despite the sell-off, Bitcoin’s price remained resilient, maintaining above 101,000 USD. BlackRock’s substantial Bitcoin acquisitions during this period are expected to mitigate some of the sell pressure from China.