The US government selling their BTC is the most bullish thing to happen so far this year.

We have all seen the big news yesterday of the Us government announcing their decision to sell 41.4k BTC (worth $1.1B currently), over the whole year in four batches. The first one already happening in early March at a price of $24k (which was ironically a local bottom and Bitcoin happened to pump just afterwards). Many may think that anything with “selling“ would automatically be bearish but this is not the case here, rather the exact opposite.

Firstly, by doing this selling the government will only decrease their stack they could use to potentially manipulate the markets.

Also the number of 41.5k and sell orders of about 10k BTC each time may seem like a lot but it is essentially not much in front of the daily trading volume of Bitcoin on all exchanges.

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BTC Trading Volume chart

That trading volume stands at about 37k BTC daily right now, meaning that on the day of the US gov selling it would make up 25% of the daily volume, in the best case. As the daily trading volume has been seen at the heights of nearly 50k BTC too in the past months, it could even make up less and have less of an impact.

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Daily Chart BTC of March 14th

Here we can see the exact day the US had sold their over 9k BTC at once, BTC actually still closed the day in green and probably just had a minor correction during the day.

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This really is one of the most bullish things to happen this year as it will take off selling pressure from Bitcoin and the resulting mini-dip will be eaten up in under one day. It is a win for Bitcoin and loss for the US government.