Investors are keeping an eye on the US government and Mt. Gox Bitcoin holdings, which total over $10 billion in crypto. The US government seized over $3 billion worth of Bitcoin affiliated with the dark net marketplace Silk Road and sold a large chunk, with plans to sell more. Mt. Gox was a popular Bitcoin exchange that was forced to shut down eight years ago after a crippling hack, losing 850,000 Bitcoins (today worth $24.9 billion) in the massive exploit.
Glassnode advised investors to monitor the funds as large transfers are market moving. Analysts speculate whether the US government will hold onto the Bitcoin forever or sell them off in a manner that reduces impact on the market or auction them off.
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