[Analysis] "US Government's Bitcoin Sale Unlikely to Significantly Impact Price"

As the US government appears poised to dispose of Bitcoin (BTC) seized from the dark web Silk Road, analysis suggests that this selling pressure is unlikely to significantly impact Bitcoin's price.

On the 10th, on-chain data analysis platform CryptoQuant stated, "The 69,370 BTC from Silk Road has not yet been sold, but Bitcoin's price has fallen by 13.5% from its peak. This is due to loss sales by short-term investors," it explained.

It added, "From a long-term perspective, the selling pressure from Silk Road's Bitcoin is not significant. Compared to the $391.7 billion increase in Bitcoin's realized market cap over the past year, the Silk Road Bitcoin amounts to only $6.5 billion," adding, "If Bitcoin is sold through exchanges, short-term volatility may occur."