According to one market commentator, the planned sale of more than 2,900 Bitcoin is insignificant in comparison to the withdrawals from Grayscale’s ETF.

The US government’s arranged offer of almost $118 million in held onto Silk Street Bitcoin BTC ought not be viewed as a reason to worry, as per market pundits.

Following the Jan. 8 sentencing of Silk Road Xanax dealer Ryan Farace and his 72-year-old father Joseph Farace for money laundering conspiracy, a Jan. 10 forfeiture notice reveals that the government plans to dispose of the 2,934 BTC.

While a couple of individuals from the local area shared concerns the bartering could prompt a multimillion-dollar “dump” of Bitcoin, Steven Lubka, overseeing chief at Bitcoin trade Swan Bitcoin, was among numerous who contended the deal would be “peanuts” contrasted with the surges from the Grayscale Bitcoin Trust throughout the past week.

“Peanuts, we have been eating GBTC deals 4x this for breakfast,” said Lubka.

The GBTC has sold 106,575 BTC worth $4.2 billion since it switched over completely to a spot Bitcoin trade exchanged store on Jan. 11, with the most recent outpouring being 10,871 BTC on Jan. 24.

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The U.S. government’s arranged deal is likewise only 1.5% of the absolute assessed 194,188 BTC or $7.7 billion it holds from three seizures it made in criminal cases, as per information from crypto firm 21.co. This, altogether, is still under 1% of Bitcoin’s flowing inventory.

The three Bitcoin takes and deals by the U.S. government are:

1. 94,643 BTC held onto in January 2022 from the 2016 Bitfinex hack.
2. 69,369 BTC held onto in November 2020 from the Silk Street.
3. 51,326 BTC seized from Silk Street programmer James Zhong.

In four sales scheduled for 2023, approximately 41,000 BTC were to be sold.

The venture capitalist Tim Draper, who purchased nearly 30,000 BTC in an auction in 2014, is the most well-known instance of the U.S. government auctioning Bitcoin.

The most recent move by the government is to sell seized cryptocurrency on exchanges rather than at auctions; the most recent sale was for 9,118 BTC in March 2023.