On behalf of the US government US Department of Justice (DoJ), 69 thousand Bitcoins $94,821.2Preparing to sell (BTC). This sale, whose value is expected to exceed $6 billion, could have a major impact on the cryptocurrency market. However, similar sized sales in the past BitcoinIt had different results in the price of . Experts are currently busy analyzing various market data to understand the possible effects of this sale. In this regard, Glassnode analyzed various data and analyzed the effects of the massive sale by the US government on the market.
Comparison with Germany’s Bitcoin Sale in 2024
As you may remember, in July 2024 german governmenthad sold and disposed of 56 thousand BTC. However, this sale did not cause the market to crash. On the contrary, the biggest cryptocurrencyIts price increased from 53 thousand dollars to 68 thousand dollars. This shows that large-scale sales do not always have a negative impact on the market.
However, history also shows that not all sales have positive results. Glassnode, US government Bitcoin saleAnalyzed exchange net flows (30-day moving average) and position in the market cycle to evaluate its impact on the cryptocurrency market. Stock market net flows are considered an important indicator to measure selling pressure.
Accordingly, there was an average daily inflow of 70 thousand 500 BTC to the stock exchanges in March 2021. In this period Net Unrealized Profit and Loss The (NUPL) indicator was at 0.72. This level of the marketEuphoria/GreedIt showed that it was at the ” stage. Despite the selling pressure, the cryptocurrency market recovered within a few months.
In June 2022, 68 thousand 700 BTC inflows were made to the stock exchanges. However NUPL indicator 0.21 to “Capitulation” phase. this sale Terra/Luna collapseIt triggered a long bear market. These data reveal that the cyclical structure of the market plays a critical role in determining the impact of large sales.
The Effect of US Government Sales Looks Like It Will Be Temporary
Glassnode analysts during the Bitcoin sale that the US government is preparing to make cryptocurrency marketHe states that the impact of this on the price will vary depending on which cycle phase the market will be in.
Currently, Bitcoin’s NUPL indicator is in the range of 0.5 – 0.75. So the market is in the Euphoria/Greed phase. This means that the effects of the US government’s sale may be temporary and short-term.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
