Crypto currency investors are experiencing significant developments that boost their morale and motivation, and ETF volumes are looking very good. However, there is also a downside. Billion-dollar inflows are currently preventing US sales from becoming a major FUD, but the assets seized from the Bitfinex attack have been moved, and more could follow.
US Selling Bitcoin
There has been activity at the address holding the Bitcoin seized from the Bitfinex attack. Similar to previous sales, the assets are being divided and prepared for sale. It is likely that the sale will be conducted over-the-counter (OTC) through Coinbase again, with minimal impact on the spot price. However, when the remaining assets of MTGOX, SilkRoad, and Bitfinex begin to be sold, the OTC demand will need to be stronger than it is today.
Since ETF volumes have exceeded $3 billion, this news has not pushed Bitcoin below $58,000. However, a potential price correction could be triggered, especially if the US moves Silkroad assets. Therefore, investors should be cautious about potential fluctuations in altcoins.
For now, the size of the transferred assets is 2,818 BTC worth approximately $170 million. The daily BTC demand from the current ETF channel far exceeds this. In summary, we may not see a decline for now, but it is possible with larger transfers.
