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.
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.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.