$BTC Massive Bitcoin Sale Coming: US Department of Justice Offloads 69,000 BTC

Bitcoin has hit a new snag, with the US Department of Justice set to sell off a huge stash of the cryptocurrency. 69,000 BTC, worth an estimated $6.5 billion, were seized from the infamous Silk Road marketplace. The sale has sparked speculation about its impact on the market.

This isn’t the first time a government has sold off a large amount of Bitcoin, but the scale is unprecedented. It dwarfs the German government’s sale of 50,000 BTC in mid-2024. The sale sent ripples through that market as Bitcoin prices reacted to the sudden surge in supply.

This time, the Justice Department plans to take a more cautious approach. Unlike Germany’s rapid three-week selloff, the US intends to avoid flooding the market. Coinbase, a leading cryptocurrency platform, supports selling through over-the-counter (OTC) transactions. This method aims to limit disruptions in the spot price of Bitcoin.