The US government has been openly critical of the cryptocurrency space in recent months, and their upcoming actions may trigger selling pressure in the near future, despite current investor bullishness.
Crypto analytics company CryptoQuant has identified four dates — May 26th, August 7th, October 19th, and December 30th of 2023 — as potential sources of selling pressure due to the US government’s Bitcoin holdings.
- Their analysis indicates that approximately 41,491 bitcoins will be sold in four batches throughout the year, with the first batch sold on March 14th, a week after the initial transaction to an exchange on March 7th.
- The 73-day interval between the first and second batch sales suggests a possible pattern in the sell-off strategy.
- Bitcoin has seen significant improvement this year, but these sales could have a short-term negative impact on prices, benefiting short sellers.
«Dividing the number of days in a year by the number of batches gives 73 days, which is exactly the day the first batch was sold. Will there be a pattern in the sale of the remaining batches every 73 days or is it just a coincidence? Only time will tell.»
- Despite increased revenue, Bitcoin miners are also selling off the majority of the BTC they mine, according to Glassnode’s latest chart on «Miner Outflow.»