Who are the sellers? A wealth of on-chain data and analytics suggests that the Chinese government (primarily through local authorities) has sold the majority of the 194,000 bitcoins it seized, although this has not been officially confirmed by the Chinese government, and estimates of the remaining holdings vary. Key Evidence of the Sales - PlusToken Seizure (2019): Chinese authorities seized approximately 194,000 bitcoins. - Continued Sales by Local Governments (2025 Report): Despite bans on trading in mainland China, local governments in China are still selling seized cryptocurrencies (including bitcoins) through private companies in offshore markets to supplement public funds during economic slowdowns. Hong Kong forex brokers have been selling these cryptocurrencies on open markets and over-the-counter platforms. A Reuters investigation (April 2025) documented this practice, noting that the assets sold are worth hundreds of millions of dollars (for example, one company has handled over $400 million in assets since 2018). By the end of 2023, locally held Bitcoin was estimated at approximately 15,000 coins ($1.4 billion), but the actual total amount of Bitcoin seized was higher due to increased cryptocurrency-related crimes (fraud, money laundering). The proceeds were converted into RMB through banks. Current Holdings Estimated (as of the end of 2025) Due to a lack of transparency and past transactions, accounts differ: Of the $194,000 worth of Bitcoin seized, 15,000 remain. - The discrepancy arises because the government has never clearly stated whether the seized assets were held or liquidated, and transactions are often opaque. Buyers include centralized exchanges, whales, and Wall Street. These are the sellers. Now understand, this was an absolutely insane bull market. I believe this is over, and prices will return to previous levels. This explains the selling pressure every morning. It also explains the buying of Saylor and ETFs, and the continued depreciation. Stop making up stories.