The reason for this proposed sell off by China must be following to the actions of Donald Trump's in his tarrif war with China. Could this be classified as a retaliative measure from the Asian economic giant?. Such a significant treasury holdings sell for bitcoin can shake the US economy triggering higher rates.
If China continue this rubbish, they should know it will affect them because Yaun price will increase and this will likely affect the price of goods from China to other countries to increase in price which might be in favour of goods from other countries. The largest bond in United States is owned by Japan and Japan is an ally of United States. Also there are other countries that have huge bonds in United States.
You can read this about the bonds or what you called treasuries:
https://en.macromicro.me/collections/51/us-treasury-bond/81306/top-10-countries-holding-us-debtIt is good to know that this is not the time China began selling its United States bonds but it has been going on for years gradually.
They have say this time because
ifof the bonds but if they are selling almost all, know that China is mostly exporting to United States and many United States companies are in China. In one way or the other, this may later hit China severally.
It is good to know that they are adding bitcoin
bitbut I thought it was confiscated coins and not actually reserves.