+ 9800 BTC sold for $217 millions from Silk Road seizure
+ 41.5k BTC will be sold in 4 trenches
+ Liquidations from Coinbase with the assistance of a professional trading firm
US government has announced its intention to sell an additional 41,500 #BTC this year. To minimize the potential impact on the market, I would like to offer to purchase these BTC at a 10% discount for an OTC deal.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 31, 2023
The date it is sold, we saw a correction at the top of the rally to $25k and this means that the US Government might have hired a professional trading firm to liquidate its positions of the seized Bitcoin from Silk Road. It is obvious that selling at the top is not easy and they did it; however the momentum of the market is $30k and above so we will see the future impact of more liquidations from Coinbase since that is the only trusted exchange by the Americans.
— Woetoe (@cryptowoetoe) March 31, 2023
According to on-chain data
Did the US government provide fuel for the price drop? 🤔
“Shortly after the transaction was executed, Coinbase Premium started to become strongly negative.”
— CryptoQuant.com (@cryptoquant_com) March 10, 2023
So based on the Court Filing we will see this type of liquidations 4 more times in the coming weeks and months and potentially at the top of each rally!
IRS Official Says
“You basically get in line to auction it off. We don’t ever want to flood the market with a tremendous amount, which then could have an effect on the pricing component,”
And don’t forget Mt. Gox from April 11th to Oct 31st as they settle payments to creditors as one of the largest Bitcoin Holder ($1B+)!
And here is the timeline of the potential selloffs in the coming months