Some market commentators have expressed concern about the US government’s plans to sell Bitcoin seized from the Silk Road saga. But $130 million is a penny compared to outflows from the Grayscale Bitcoin Trust (GBTC) exchange-traded fund (ETF).

Yesterday, the US government said it would sell around $130 million worth of BTC from sentenced Silk Road drug traffickers. Fears of massive sell pressure ensued from Bitcoin investors.

Why Some Sales Won’t Impact Price

However, Bitcoin maximalist Steven Lubka said a Silk Road dump is ‘peanuts’ compared to the $2.8 billion going out from exchange-traded funds (ETFs). Two days ago, the price of Bitcoin was down 20% under $40,000, placing many pre-ETF investors underwater. Over half of investors who bought Bitcoin at pre-ETF levels of between $34,034.76 and $46,110.74 are underwater, according to data from IntoTheBlock.

Read more: Ross Ulbricht: The Real Story Behind the Silk Road Founder

Therefore, sales of seized Go to Source to See Full Article
Author: David Thomas

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