Joo Ki-young "Silk Road Holdings?…Absorbable Within a Week"

Uk Jin

Summary

Joo Ki-young, CEO of CryptoQuant, stated that the $6.5 billion in Bitcoin held by the U.S. government can be sufficiently absorbed by the market.
Despite the expected massive selling pressure from the U.S. Department of Justice's approval to sell Bitcoin, the market is expected to absorb it within a week.
He mentioned that there is no need to be engulfed in fear as $379 billion flowed into the virtual asset market last year.

Amid the U.S. Department of Justice's approval for the sale of government-owned Bitcoin (BTC) seized from the dark web 'Silk Road', there are claims that there is no need to worry.

On the 9th, Joo Ki-young, CEO of CryptoQuant, stated on X (Twitter), "Last year, $379 billion flowed into the virtual asset (cryptocurrency) market. That's an average of $1 billion per day," and added, "The $6.5 billion in Bitcoin held by the U.S. government will be absorbed by the market in just one week. Do not be confused by fear."

The U.S. Department of Justice's prior approval for the sale of government-owned Bitcoin raised concerns about a massive selling pressure in the virtual asset market. The U.S. government's Bitcoin seized from Silk Road amounts to about 69,000 pieces.

BTC