On January 9th, according to reports by DB News, it was officially confirmed that the U.S. government has received approval to sell approximately 69,000 Bitcoins valued at around $6.5 billion, which were seized during the shutdown of the Silk Road.
On December 30th, it was reported, without citing a specific source, that a federal judge allowed the Department of Justice to auction off approximately 69,370 Bitcoins that were confiscated from the Silk Road darknet marketplace. This claim has been verified by officials.
Today, a government representative confirmed to DB News that they have received authorization to sell approximately 69,000 Bitcoins (worth around $6.5 billion) that were seized from the now-defunct Silk Road platform.
Interesting situation less than 2 weeks away from the new admin who vowed to not sell
— db (@tier10k) January 9, 2025
No Need to Panic
Based on Arkham Intelligence’s findings, the Bitcoin balance at the bc1qa address plummeted to zero on January 8th.
On January 9th, it additionally displayed a recent transaction of only 0.51 BTC (approximately) from that particular address, yet the current value of the balance stands at an astounding $6.5 billion.
However, Blockchain.com’s explorer showed that the balance is unchanged and remains at 69,370 BTC.
The well-known crypto expert, ‘@trading_axe’, shared with his 80,000 followers on X platform that “the Bitcoin (BTC) earmarked for a ‘strategic reserve’ during the Trump administration had already been sold off. This transaction was approved by Coinbase through a line of credit.
For several months, they were secretly dispersing something, but due to Kamala Harris being in the race against Trump, they couldn’t disclose it. The Democratic party wanted to project a favorable image and sought support from crypto enthusiasts. Regrettably, there was no more Bitcoin left to peddle.
Crypto commentator ‘MartyParty’ also said, “It’s already happened. No need to FUD.”
Simultaneously, Arthur Hayes, a co-founder of BitMEX, joked saying, “I’m all set with my patient hands to grab the sale. Lower the price gradually, Joe! For the goblins!” Meanwhile, Max Keiser initiated a survey.
Last year, approximately one billion dollars worth of cryptocurrency entered the market daily, according to CryptoQuant CEO Ki Young Ju, adding up to an overall total of around $379 billion when calculated by realized capitalization.
“The U.S. govt selling $6.5 billion could be absorbed in just a week. Do not panic.”
Last year, $379B entered the market based on realized cap—roughly $1B per day.
The U.S. govt selling $6.5B could be absorbed in just a week.
Do not panic.
— Ki Young Ju (@ki_young_ju) January 9, 2025
Bitcoin Price Reaction
For the last few days, Bitcoin prices have dropped again after momentarily surpassing the six-digit mark on January 7th.
Initially, there seemed to be no response to this new information, and the value of the asset dropped by 2% to $94,050 during the day’s trading following a dip to its lowest point at $92,500 on Wednesday.
Bitcoin has moved back into its established price range, which it’s been holding steady in since mid-November. If it drops beneath the lower boundary of this range at approximately $90,000, there could be a wave of sellers rushing to offload their BTC.
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2025-01-09 10:18