On Jan. 9, crypto information feed DB Information reported that “an official confirmed” the US authorities has been given the inexperienced mild to liquidate 69,000 BTC value round $6.5 billion from Silk Street seizures.
An unsourced screenshot learn, “A federal decide dominated on Dec. 30 that the DoJ (Division of Justice) can promote 69,370 Bitcoin seized from the Silk Street darknet market, officers confirmed.”
The US Govt has been given the greenlight to liquidate 69,000 BTC ($6.5B) from Silk Street, an official confirmed to DB Information right this moment
Fascinating state of affairs lower than 2 weeks away from the brand new admin who vowed to not promote https://t.co/HqD1KnhJK3 pic.twitter.com/xn8ATSEL7H
— db (@tier10k) January 9, 2025
No Have to Panic
In line with Arkham Intelligence, there was a pointy drop in BTC holdings at that deal with (bc1qa), which fell to zero on Jan. 8.
It additionally confirmed the most recent transaction from that deal with on Jan. 9 of simply $0.51 value of BTC and nonetheless studies the steadiness being valued at $6.5 billion.
Nevertheless, Blockchain.com’s explorer confirmed that the steadiness is unchanged and stays at 69,370 BTC.
Crypto influencer ‘@trading_axe’ informed his 80,000 followers on X that “the seized BTC that was meant for use for a ‘strategic reserve’ beneath the Trump administration was bought off already, with a credit score line sanctioned by Coinbase.”
“They spent months distributing and couldn’t point out it as a result of Kamala was operating in opposition to Trump. The liberals wanted to keep up a ‘optimistic picture’ and desperately wanted crypto voters. THERE IS NO BITCOIN LEFT TO SELL.”
Crypto commentator ‘MartyParty’ additionally stated, “It’s already occurred. No must FUD.”
In the meantime, BitMEX co-founder Arthur Hayes quipped, “My diamond palms are prepared to purchase the f**king dip. Ship it to goblin city gradual Joe!!!” and Max Keiser ran a ballot.
CryptoQuant CEO Ki Younger Ju noticed that final 12 months, $379 billion entered the market primarily based on a realized cap, which is roughly $1 billion per day.
“The U.S. govt promoting $6.5 billion might be absorbed in only a week. Don’t panic.”
Final 12 months, $379B entered the market primarily based on realized cap—roughly $1B per day.
The U.S. govt promoting $6.5B might be absorbed in only a week.
Don’t panic. https://t.co/MTCTKmM5uZ
— Ki Younger Ju (@ki_young_ju) January 9, 2025
Bitcoin Value Response
Bitcoin costs have been falling again for the previous couple of days after it reclaimed the six-figure stage briefly on Jan. 7.
There was no rapid response to this ‘information,’ and the asset was down 2% on the day at $94,050 on the time of writing after falling to an intraday low of $92,500 on Wednesday.
BTC has returned to its rangebound channel, the place it has been consolidating since mid-November. Panic promoting might start if it falls under the underside band of that channel at $90,000.
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