Read on Twitter
$BTC:
1/ So here's the deal with all the PlusToken news we've been seeing recently in the crypto media. Thing is, tho it's just being reported now after the Chinese government put out official balances, @ErgoBTC blew this story open for the on-chain community over a year ago... https://twitter.com/ErgoBTC/status/1332468475676254208
1/ So here's the deal with all the PlusToken news we've been seeing recently in the crypto media. Thing is, tho it's just being reported now after the Chinese government put out official balances, @ErgoBTC blew this story open for the on-chain community over a year ago... https://twitter.com/ErgoBTC/status/1332468475676254208
2/ As far as these "official" sources say, the Bitcoin was simply seized and kept as part of China's national treasury.
My take is that most of that Bitcoin has already been sold in very special circumstances:
My take is that most of that Bitcoin has already been sold in very special circumstances:
3/ @ErgoBTC has extensively tracked the PT addresses that concluded that these coins were being mixed and sent to be dumped into the open market via Huobi and OKeX: https://pastebin.com/BP9Tc2h8
4/ @ErgoBTC's balances as of today stand as follows. I quote:
"Here are my numbers:
~201k BTC total post shutdown.
~170k sent to exchanges.
~Calculated remaining coins ~30k (but I am missing some exchange flows).
Best estimate of remaining coins [...]: ~15k."
"Here are my numbers:
~201k BTC total post shutdown.
~170k sent to exchanges.
~Calculated remaining coins ~30k (but I am missing some exchange flows).
Best estimate of remaining coins [...]: ~15k."
5/ This sell-off was at is peak starting the middle of 2019, distributing coins mostly until the end of that year. The PT fiasco was pretty much the cause for Bitcoin going from 14k to 6k in less than six months.
6/ So, how do two KYC'd, regulated exchanges are the situ for the selling of such big a BTC position?
7/ Easy, assumptions on the crypto street are that the CCP endorsed or outright planned the sell-off. This has been the understanding of most people in this industry. If you didn't know about this, now you do.
8/ Takeaways from this:
a. It was extremely interesting to see that on-chain research allowed @ErgoBTC and people in the on-chain analytics field to call this almost a year and half before the Chinese government confirmed this to the media.
a. It was extremely interesting to see that on-chain research allowed @ErgoBTC and people in the on-chain analytics field to call this almost a year and half before the Chinese government confirmed this to the media.
9/ b. Likely, most coins have already been sold and are being kept in other denominations as part of the CCP's reserves (perhaps as honey for Winnie the Poo or something). The worst is over.
c. The CCP was the largest crypto hedge fund in 2019.
c. The CCP was the largest crypto hedge fund in 2019.
10/ d. Most importantly, this can be seen as the first government attack toward Bitcoin via liquidity games and price manipulation. IT FAILED.
11/ Other prominent on-chain researchers are confiming all the above. Will add to the thread if new or corrected stuff is published.
