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4 Key Dates to Watch for Potential Bitcoin Selling Pressure

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Mon, 17/04/2023 - 8:40
4 Key Dates to Watch for Potential Bitcoin Selling Pressure
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As Bitcoin recently surged past the $30,000 mark, reigniting discussion of a potential new crypto boom, investors should closely monitor four key dates throughout the year, which could exert additional selling pressure on the digital currency.

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CryptoQuant, a leading cryptocurrency analytics firm, has identified these dates — May 26, Aug. 7, Oct. 19 and Dec. 30, 2023 — as critical time frames in which the U.S. government might sell its Bitcoin holdings, including those seized from the Silk Road dark web case.

In a recent court filing, the U.S. government confirmed the sale of 9,800 BTC on March 14 for a total of $215.7 million, originating from the historic seizure connected to the Silk Road case.

The government aims to offload approximately 41,500 more BTC tied to the case in four batches throughout the year.

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CryptoQuant's analysis suggests that the 73-day interval between the first batch sale and the next crucial date indicates a possible pattern in the government's sell-off strategy.

It remains to be seen whether this pattern will persist or is merely a coincidence. By keeping a watchful eye on the key dates mentioned above, investors might be able to better sail through the turbulent waters of the cryptocurrency market.

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