Key Points
- The U.S. Department of Justice (DOJ) has reportedly approved the sale of 69K Bitcoins (BTC) seized from Silk Road.
- Despite speculations, no seized BTC had been moved from key wallets as of this writing.
The U.S. Department of Justice (DOJ) has reportedly given the go-ahead for the sale of 69,000 Bitcoins [BTC] seized from Silk Road, according to media publisher DB News.
The Bitcoins, worth approximately $6.5B, were initially intended to form a U.S. BTC strategic reserve (SBR) by President-elect Donald Trump.
Market Sentiment and Speculations
The market has always reacted to updates on the U.S. government’s movement of BTC.
The potential sale of the seized BTC has led to speculations, including claims that the BTC had already been sold through a ‘credit line’ sanctioned by Coinbase.
However, data from Arkham showed no balance decline in wallets linked to the seized BTC.
Impact on BTC Market
According to market experts, such a sale, if it happens, wouldn’t significantly impact the price of BTC.
The sale would likely occur through OTC (over-the-counter) markets, preventing any suppression of the cryptocurrency.
CryptoQuant founder Ki Young Ju reassured the market, stating that the potential $6.5B sell-off could be easily absorbed.
Despite these developments, prediction sites like Polymarket and Kalshi have priced a +40% chance of a U.S. BTC strategic reserve by 2025.
However, the odds of that happening in the first 100 days of the new administration have decreased from 34% to 27%.
