The planned sale of over 2,900 Bitcoin is small compared to the outflows from Grayscale’s ETF, one market commentator noted.
The United States government’s planned sale of nearly $118 million in seized Silk Road Bitcoin (BTC) shouldn’t be seen as a cause for concern, according to market commentators.
A Jan. 10 forfeiture notice, which made rounds on social media on Jan. 24, shows that the government plans to dispose of the 2,934 BTC following the Jan. 8 sentencing of Silk Road Xanax dealer Ryan Farace and his 72-year-old father Joseph Farace for money laundering conspiracy.
While a few members of the community shared concerns the auction could lead to a multimillion-dollar “dump” of Bitcoin, Steven Lubka, managing director at Bitcoin exchange Swan Bitcoin, was among many who argued the sale would be “peanuts” compared to the outflows from the Grayscale Bitcoin Trust over the last week.
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Source: https://cointelegraph.com/news/silk-road-118m-bitcoin-auction-shouldnt-cause-concern-gbtc-dump