According to sources, the US government has been authorized to liquidate the 69,000 BTC (worth $6.5 billion) seized from the "Silk Road", and an official confirmed this to DB News today.
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It is worth noting that this is less than two weeks since the new government took office, and the new government has promised not to sell these BTC. On December 30, a federal judge ruled that the Department of Justice (DOJ) can sell the 69,370 BTC seized from the "Silk Road" dark web market.
The DOJ pushed for permission to sell the assets due to BTC price fluctuations. When asked about the next steps, a DOJ spokesperson said, "The government will continue to proceed with relevant steps based on the judgment of this case."
Regarding the "US Department of Justice authorized to sell the detained $6.5 billion dark web Silk Road BTC" incident, CryptoQuant CEO Ki Young Ju stated in a post: "Last year, according to the realized market value, $379 billion entered the market, about $1 billion per day.
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The $6.5 billion (BTC) to be sold by the US government may be absorbed in a week. Don't panic." The $6.5 billion selling pressure is indeed not significant for the current market, and from a timing perspective, it takes several months from the approval to the actual sale by the US government, but this bearish expectation can truly affect the short-term trend of BTC.
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On January 6, 2025, Grayscale made portfolio adjustments to multiple funds: Grayscale Decentralized Al Fund added Livepeer (LPT); Grayscale Decentralized Finance (DeFi) Fund added Curve (CRV) and removed Synthetix (SNX); Grayscale Digital Large Cap Fund added Cardano (ADA) and removed Avalanche (AVAX); Grayscale Smart
Contract
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Platform Ex-Ethereum Fund added (SUI).
In terms of the market, BTC continues to decline, but it has found strong support at a lower level, so there is a high probability of a short-term rebound. There is also a demand for oversold rebound in the trend, with the upper pressure around 98000.
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