2025 marks a period of significant volatility for Bitcoin, stemming not only from macroeconomic factors like interest rates and institutional Capital flows, but also from less-discussed "hidden" supply sources. Among these, the most prominent is the amount of Bitcoin seized from the PlusToken scam and how the Chinese authorities are handling this asset. This is XEM one of the key reasons for the prolonged and unpredictable selling pressure on the market.
The PlusToken legacy and the massive Bitcoin supply.
PlusToken was once one of the largest cryptocurrency scams in history, collapsing in 2019 with losses amounting to billions of dollars. Following an investigation, Chinese authorities seized approximately 194,000 BTC along with other digital assets related to the case.
For years, the market assumed that this amount of Bitcoin had been liquidated or no longer had a significant impact. However, on-chain data and recent reports suggest that a portion of this BTC is still being gradually liquidated during 2024–2025. The selling is not happening en masse but is being carried out in stages through OTC channels, foreign intermediaries, or other forms that are difficult to trace directly.
This approach has resulted in Dai , subtle but significant selling pressure, enough to influence Bitcoin's price trend in the medium term.
The selling pressure is subtle and unpredictable.
Unlike public sell-offs from Miners or investment funds, the supply from PlusToken is not easily identifiable on price charts. Bitcoin is Chia , passed through multiple wallets and layers of intermediaries before entering the market.
This leaves the market constantly lacking transparency regarding actual supply. When combined with sensitive times such as bad economic data, geopolitical tensions, or stock market volatility, this "hidden" selling pressure can amplify price drops, causing Bitcoin to fluctuate more sharply than expected.
China, monetary policy, and its indirect impact on Bitcoin.
The PlusToken story is inseparable from China's macroeconomic policy context. In recent years, Beijing has continuously adjusted its financial strategy with goals such as reducing dependence on the USD, diversifying international reserves, and tightly controlling Capital flows related to digital assets.
Although China maintains a tough stance on domestic crypto trading, the liquidation of seized digital assets shows that Bitcoin has become part of a state asset management strategy. This transforms BTC from a purely speculative asset into one directly linked to national-level financial and budgetary decisions.
Bitcoin as a global risk asset
Entering 2025, Bitcoin is showing an increasingly clear correlation with traditional risk assets such as US stocks. Deeper institutional Capital inflows are causing BTC to react strongly to interest rates, growth expectations, and the risk-on/risk-off sentiment of global markets.
In this context, sustained selling pressure from sources like PlusToken means Bitcoin has both long-term growth potential and faces the risk of deep and unexpected short-term corrections. This is typical of an asset that has entered the global financial system, where price is no longer solely determined by small-scale supply and demand.
Bitcoin's volatility in 2025 won't simply stem from technical analysis or typical market cycles. Behind it lies an interplay of historical and policy factors, including:
A large amount of Bitcoin from the PlusToken deal is being quietly liquidated.
China's strategy for managing digital assets and currency.
The growing Vai of Bitcoin in the global financial system.
BTC 's high sensitivity to macroeconomic shocks.
To properly understand Bitcoin's price movements during this period, investors need to look beyond short-term charts and XEM "hidden" supply sources as well as the underlying policy context. These are the factors that could continue to create significant market volatility in the coming time.
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The article Bitcoin Volatility in 2025 is Not Just Driven by the Market first appeared on CoinMoi .
