US gov’s planned $118M Bitcoin sale is ‘peanuts’ compared to GBTC

[batang_bitcoin]

Technically, it's a lot of money but comparing it to the institutions, it's definitely peanuts. If we see the impact of it, there could be a slight move but compared to what the institutions sell-offs and buy orders. There is no doubt that they've got that much. And if the seized one are going to be sold, it is for sure that many would come to take it as it's like cleaned already by the government as it's obviously because it came from them. WHat matters there is the amount of Bitcoin that will be put up on sale.

[1715305615]

1715305615

[PrivacyG]

Well.  Bad timing I guess.  I wish there was a RemindMe bot so I could check out how much the Government has missed on by deciding to sell Bitcoin before yet another presumed historical Bull Run.

Or is there any time limit now that they pushed the notification of the sell?

[Ever-young]

Well.  Bad timing I guess.  I wish there was a RemindMe bot so I could check out how much the Government has missed on by deciding to sell Bitcoin before yet another presumed historical Bull Run.

Or is there any time limit now that they pushed the notification of the sell?

They always sell when they think the time is right for them as I believe their are lot of paper work to be done in other for the BTC which they abstain and hold by seizure to be sold out, but one thing about this their selling is that it always bring about market change negatively main newbie traders usually sell off during this time as the market drop about there sales which take a bit of time days or weeks to recover, which I don’t think this sale might have such impact as they are not selling bitcoin worth up to billion dollars.

[avp2306]

Well.  Bad timing I guess.  I wish there was a RemindMe bot so I could check out how much the Government has missed on by deciding to sell Bitcoin before yet another presumed historical Bull Run.

Or is there any time limit now that they pushed the notification of the sell?

They don't care about the bull run nor even know theirs something event like this exist in crypto. So expect that they would really dump whatever they can since what these people think is the money they can get from their sales coming from bitcoin. I guess if this happen we can expect the market to dump and indeed this is a bad timing knowing that many people speculate that there will be a huge bull run will came this year and here comes those recent negative news also this planned dumping of US government create scare of those people who think about accumulating bitcoin.

But lets still see their next action if they do it on bulk or they split up their planned sale so it can't move the market so bad. For sure there are upcoming fuds to come using this news and we need to prepared on those events.

[blckhawk]

In fact, the outflows from Grayscale's ETF are not sell orders, but rather a transfer of ownership from them to BlackRock. It is just like transferring Bitcoin from your old wallet to a new wallet, so selling 2900 will be more effective than Grayscale's ETF outflows because it is not a sell, but 2900 compared to Volume (24h) 531,375 BTC is not a big problem.

Sure it's effective but they're still hodling bitcoins and they're getting the best value out of it right because they've still got their bitcoins because it's just a transfer right? They're really making the most out of all this ETF while it's still this early in the approval and implementation of ETF. Good thing that US is also jumping right in despite the provocation that it's a small amount compared to what the long timers deal with daily.

[Natsuu]

2.9k bitcoins is not a small amount of bitcoins, it is worth quite a lot, but when compared to the global valuation of bitcoins this amount is not that big. because if we look at how some time ago tesla sold their 4k bitcoins, it really caused the market to panic a little, but it didn't last long and finally the market gradually recovered. so there is nothing to worry about from this sale.

and i think the us government will not just sell all the bitcoins, they will also think about the economic impact of the sale. maybe they will sell in stages or sell directly to trusted buyers such as companies or other parties who are ready to accommodate that much bitcoin, so it won't affect the price of bitcoin that much.

Exactly. Selling 2.9k bitcoins is a big deal but when you look at the overall bitcoin scene, it's not huge. The US government might play it smart, selling gradually or to trusted buyers to avoid major price swings. Gotta keep an eye on how they handle it

[buwaytress]

Yeah. Even with all the indefinite amounts dumped supposedly from seized coins or from Mt Gox recoveries didn't dent markets. These weren't even at today's prices.

Those are, really, breakfast amounts. Business as usual. Why we getting so excited?

[el kaka22]

I am not sure if the GBTC part is true or not, but I know that 130 million is nothing for bitcoin. Anyone who looks at the market will see how much money is traded everyday, so it is not really a shocker that one time 118 million or 130 million type of sale doesn't really matter.

So all in all, gbtc or silk road, it really doesn't matter because in the end we are talking about a situation that means we could make some money from it, and that has to be the most important part of it. I get that it is not going to be all that easy, and we should probably see something a little different, but as long as it doesn't feel that way, we shouldn't really be expecting anything that would be crazy, all these sales means nothing at all to us.

[BenCodie]

2900 Bitcoin is like one day of buying for the ETFs alone. So its really not much at all.

Exactly. These kind of figured are nothing to be too concerned about, in fact, it's better it is happening now than later. More supply distribution at highest is good for BTC

Yeah. Even with all the indefinite amounts dumped supposedly from seized coins or from Mt Gox recoveries didn't dent markets. These weren't even at today's prices.

Those are, really, breakfast amounts. Business as usual. Why we getting so excited?

No one should be getting excited...however those who are, are clearly unaware of the liquidity behind Bitcoin and cryptocurrency at this point in time.

As for Mt. Gox...That is still an event worth keeping an eye on. I have seen news about people getting emails to confirm their repayment address however that does not mean the coins have been distributed yet.

The difference in the Mt. Gox situation is that it is a large amount of retail investors, and no one knows whether or not they will sell, or what will happen to unclaimed coins...Lot's of question marks yet to be answered there.

[Myleschetty]

We are talking about the US government's 2.9K Bitcoin sold on the mentioned exchange to be peanut compared to GrayScale outflow, yes it is but we seem to forget that huge BTC will be sold by 3 organizations that's the US government, Mt Gox payout, and GrayScale.
These 3 organizations are the ones causing the current market dump in price.

[jrrsparkles]

Government often sale or auction the seized assets from many sources and it's not big amount to disturb the market trend of Bitcoin and to be honest we don't even need to consider this small amount can do any harm to the bitcoin's value.

[umbara ardian]

$118 million worth, enough to raise some eyebrows in the crypto world. Sure, it's not gonna cause a Bitcoin apocalypse, but it'll definitely send some shivers down the spines of investors.  Let's chill and break it down. Sure, any big sell-off can send shivers down the spine of investors, and this might cause a temporary dip. But remember, this ain't a Gray Scale-sized earthquake. We're talking a drop in the ocean compared to Bitcoin's whole market cap. Think of it as a pebble, not a boulder.

Now, the government's timing is kinda interesting. Selling during a bull run seems odd, right? But here's the thing: if they wait for a bear market, they risk selling low. So, small, strategic releases are their way of maximizing profits without crashing the party. It's a tricky balancing act, but hey, gotta give them credit for trying. And let's not forget, everyone loses if the market tanks. The government ain't immune to that. So, they're probably aiming for a slow and steady sell-off, avoiding a self-inflicted wound.

But this sale is just one piece of the puzzle. It makes us wonder: is this a one-time thing, or the start of a trend? Will other governments follow suit? These are questions with no easy answers, and the crypto world is waiting with bated breath.

[DaveF]

Well.  Bad timing I guess.  I wish there was a RemindMe bot so I could check out how much the Government has missed on by deciding to sell Bitcoin before yet another presumed historical Bull Run.

Or is there any time limit now that they pushed the notification of the sell?

It's the government, they don't operate like that.
When they have property to dispose of, no matter what it is, it is sold / auctioned on a known schedule. They don't pick and choose the best time to do it.

It's just the way it is, and it's probably for the best. If they wanted to sell at the next BTC bull run or sell property at the next real estate ATH and it didn't happen but instead the prices went down for whatever reason it's going to be worse.

-Dave