TechFlow reported on January 9 that CoinDesk reported that market concerns about the U.S. Department of Justice's possible liquidation of 69,370 Silk Road bitcoins (about $6.5 billion) were exaggerated. Analysts pointed out three key reasons:
1. Although the number of 69,370 bitcoins is huge, the government needs to follow the principle of optimal price when clearing them, and it is expected to be done in an orderly batch manner. At the same time, the market has long anticipated this possibility, and the relevant impact has been partially digested.
2. From the perspective of market capacity, long-term holders (holding for more than 155 days) have reduced their holdings by more than 1 million bitcoins since September 2024, and the current total holdings are about 13.1 million bitcoins. Despite such a large-scale sell-off, the price of Bitcoin has risen from $60,000 to more than $100,000, showing strong market demand.
3. The German government completed the sale of approximately 50,000 bitcoins (about 3.5 billion USD) between June and July 2023, providing important reference for similar scale liquidations. At that time, the market had already bottomed out when the German government still held 25,000 bitcoins, indicating that this scale of sell-off was not sufficient to dominate market trends.
