Swan Bitcoin Director: The US government's plan to sell $118 million worth of Bitcoin is insignificant compared to the outflow of funds from GBTC.

According to a report from Cointelegraph on January 26, Steven Lubka, a director of the Bitcoin trading platform Swan Bitcoin, and many others believe that the US government's plan to auction off $118 million worth of Bitcoin is "insignificant" compared to the outflow of funds. Lubka said, "This is four times the morning GBTC sales." It is reported that the government's last known sale was in March 2023, when 9,118 Bitcoins were sold. According to a notice submitted by US officials on January 26, the government plans to dispose of nearly 2,875 Bitcoins confiscated from Ryan Farace and Sean Bridges during the Silk Road law enforcement operation on the dark web, worth approximately $117 million. It is reported that the US Department of Justice charged suspect Farace (also known as Xanaxman) with selling illegal items on the dark web in 2018, and seized the related funds in 2021.