China Set to Dump 15,000 Bitcoins — Is a Major BTC Crash Coming?
Jakarta, Pintu News – The crypto market is on edge again after shocking news came from China.
The country’s local government is reportedly planning to sell 15,000 Bitcoin (BTC), worth more than $1.4 billion, through an overseas exchange. This move is predicted to increase selling pressure on a large scale and potentially make the price of Bitcoin fall dramatically again.
China Seeks Fresh Funds: Bitcoin Becomes a Victim
According to a Reuters report, local governments in China are currently facing financial pressures due to the severe economic slowdown.
To fill the budget gap, they began to look at confiscated crypto assets, including Bitcoin, obtained from digital crime cases, money laundering, and online gambling.
Without clear national regulations on the handling of confiscated digital assets, the local government opted for a quick fix: selling Bitcoin through private companies on overseas exchanges. This practice actually violates the crypto trading ban imposed by China since 2021, but is still done because of the urgent need for funds.
Bitcoin’s Big Risk: Selling Pressure Will Hit the Market
The massive sale of 15,000 BTC is certainly a serious threat to the Bitcoin price.
Currently (17/4/25), the price of BTC is up about 1.11% and is trading around $84,604 (IDR 1.427 billion). With the threat of Bitcoin spillover into the market, analysts expect BTC to retest support at $80,000 (IDR 1.35 billion).
Additionally, geopolitical tensions, such as the latest trade war between the US and China, as well as the Trump administration’s 245% tariff hike on Chinese goods, worsened the overall crypto market sentiment.
If this situation continues, Bitcoin risks a sharp correction sooner than expected.
Call for Reform: China Asked to Create a Bitcoin Reserve
The move by China’s local government has drawn strong criticism from academics and legal experts. Professor Chen Shi from Zhongnan University thinks the local government’s crypto sales are not in line with the prevailing trade ban.
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He proposed that China follow the lead of the United States by establishing a national Bitcoin Reserve to manage confiscated assets more strategically.
Some reports even mention that China’s central government may be secretly considering the establishment of its own Bitcoin reserve to compete with crypto movements from other countries.
All in all, in the near future, the crypto market should prepare for a major storm. If 15,000 BTC is actually released into the market simultaneously, it could trigger a domino effect that pushes prices down even further.
However, if China decides to exercise restraint and establish a national reserve, the market could turn bullish quickly.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- Coingape. China Plans to Sell 15,000 Bitcoins on Offshore Exchanges. Accessed April 17, 2025.
- Crypto Briefing. Seized Crypto Liquidation in China. Accessed April 17, 2025.
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