CryptoQuant CEO's Opinion on Government Bitcoin Sales

IconCryptoNewsTerminal Staff05 Jul, 2024

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CryptoQuant CEO's Opinion on Government Bitcoin Sales

Joo Ki-young, CEO of CryptoQuant, recently shared his thoughts on the government's sale of Bitcoin. He believes that the impact of these sales is being overstated, as the amount of BTC being sold is relatively small compared to the overall market. According to Ki-young, the government has sold around $9 billion worth of BTC since 2023, which represents only 4% of the total cumulative realized value in the market during that time. He also pointed out that institutional trading platforms like Coinbase Prime process transactions of up to 49,000 BTC per day, so the government's sales are unlikely to have a significant impact on the market. Ki-young's comments echo his previous statements, in which he said that the government's sale of 4,000 BTC would likely not affect the market, as Coinbase Prime absorbs sell liquidity of up to 15,000 BTC even on low-volume days. Overall, Ki-young's analysis suggests that the government's sale of Bitcoin is not a major cause for concern for investors. The impact of these sales is likely to be minimal, and the market is expected to remain stable.

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