The US government’s Bitcoin sale dates have been announced. The following four dates will be critical for 2023. On these important dates, extra selling pressure may come from the BTC in the hands of the USA.
4 important dates that can create additional selling pressure on Bitcoin
A recent report from CryptoQuant highlighted four important dates that could put additional selling pressure on BTC due to the Bitcoin reserves that the US government will sell. Many Bitcoin investors follow these dates closely to prepare themselves for possible market fluctuations.
Before the date, the closest of which is May, Bitcoin price remains above $30,000. The following four dates for 2023 may be critical due to the potential sale from the US government.
The US government will sell Bitcoin on these dates
The dates in question are May 26, 2023, August 7, 2023, October 19, 2023, and December 30, 2023. According to the report, the US government’s Bitcoin holdings will be sold in four lots throughout the year, with each lot sold every 73 days. The first batch was sold on March 14, 2023, one week after the transaction on March 7, 2023.
The US has a significant amount of BTC in reserve, with about 41,491 BTC waiting to be sold. Therefore, the sale of these remaining lots is expected to have a significant impact on the market. Bitcoin investors are advised to take note of these dates and keep themselves updated on developments that may occur.
While it is not certain that the sale of the remaining lots will follow the pattern of being sold every 73 days, such a practice should not be ignored. It is important to note that the sale of these Bitcoins by the US government is not indicative of their stance on Bitcoin as a cryptocurrency. Instead, it’s a move that aims to liquidate assets to help fund various government programs.
As a result, the US government’s sale of Bitcoin assets is expected to have a significant impact on the crypto market, and investors are advised to be prepared for possible market fluctuations. With four important dates now known, investors can take proactive measures to protect their investments and avoid potential losses.
How about the BTC price?
cryptocoin.comPeter Brandt, who you follow from , says that investors should continue while BTC is hovering around $ 30,000. According to Brandt, BTC had built walls around its fulcrum base.
However, CryptoQuant analyst JAYBOT mentioned that a significant pullback may not occur anytime soon. The analyst based his publication on what happened in the on-chain arena. Using the funds flow rate as a support point, JAYBOT pointed out that there is a decrease in whale selling pressure.
The funds flow rate is the ratio of cryptocurrencies involving currency transfers to the overall transfer in the Bitcoin network. A high value of this metric indicated too much exchange activity. On the other hand, low values suggest a possible solution for HODL. At this point, JAYBOT said, “Compared to the past, a bull market for Bitcoin started when the 30MA of the funds flow rate broke out of the uptrend. The current division is similar to that,” he says.
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