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- 📢 Gate Square Exclusive: #PUBLIC Creative Contest# Is Now Live!
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Will the sale of 6.5 billion BTC from the Silk Road in the US crash the market? Analysts say it will be sold OTC, so don't panic.
The news that the US Department of Justice was allowed to sell Silk Road BTC yesterday (9th) caused market turmoil. However, analysts pointed out that even if the US government sells, it may be done through OTC trading and will not directly dump in the secondary market. (Previous summary: Bombshell》The US Department of Justice approves the sale of 69,000 BTC confiscated from Silk Road, will it crash the market?) (Background: Bhutan Administrative Zone announced the inclusion of BTC, Ethereum, and BNB in strategic reserves, praised by CZ: a wise move) Yesterday (9th), according to well-known KOL db on Twitter, the US Department of Justice has been granted permission to sell nearly 70,000 BTC (worth about $6.5 billion) confiscated from the Darknet Silk Road, once again deepening market panic. BTC also dropped to a new low since December 5th last year, hitting $91,200 in the early morning of today (10th). Analysts: Even if sold, it will not dump in the secondary market The dumping pressure of $6.5 billion BTC will undoubtedly be enormous; on the other hand, the Department of Justice's move is also a slap in the face to the incoming US president Trump, as he has repeatedly promised not to sell any BTC after taking office and even to establish a BTC reserve strategy. However, regarding the impact on the market, analyst Phyrex analyzed in a post yesterday (9th) that first of all, the Biden administration and Trump have not officially completed the power transfer, and this decision is actually made by the Biden administration, and Trump has no way to intervene. At the same time, Phyrex said that the channel for the US Department of Justice to sell BTC is usually through OTC (Over-the-counter Trading), so it will not exert too much pressure on the secondary market: In fact, the US Department of Justice has always sold through OTC in the past, such as the 50,000 BTC obtained from hacking attacks in 2023, which were sold in batches through OTC; and as early as 2014, the 29,000 BTC from Silk Road was also sold through auctions, almost without directly dumping in the secondary market. OTC (Over-the-counter Trading) refers to transactions that are not conducted through exchanges, but through off-exchange methods, negotiating transactions with counterparties such as banks, institutions, and individual investors, so it will not immediately affect the price of the secondary market. It can also be inferred that those who participate in the auction are not ordinary retail investors, and they are more likely to have longer-term investment plans rather than short-term quick in and out. Therefore, for the market, it may not be bad news to worry about when the Department of Justice will sell. CryptoQuant analyst: Technical indicators suggest that BTC has not reached the peak of this round of the bull market On the other hand, regarding the recent market pullback caused by many factors, CryptoQuant analyst CryptoOnchain quoted technical indicators in a post yesterday (9th) stating that BTC has not yet reached the peak of this round of the bull market: According to past bull market cycles, when the MVRV 100-day moving average, this technical indicator, reaches 3, it usually indicates that the bull market has reached its peak, and currently this indicator has only reached 2.14. Therefore, it can be said that BTC may still need several months to reach the peak of this round of the bull market. Related reports: Canadian Prime Minister Trudeau announces resignation, successor is a BTC evangelist like Trump? Rights protection or Be Played for Suckers? Large Investors bombard Solv Protocol, issuance of Token $ZAI Man mistaken for BTC Whale narrowly avoids kidnapping, family forced to live in hiding <US selling $6.5 billion BTC from Silk Road, will it crush the market? Analyst: Will be sold OTC, don't panic> This article was first published on BlockTempo, the most influential blockchain news media in the Dynamic Zone.