" The US Supreme Court has allowed the sale of 69,370 Bitcoin seized from the Silk Road, valued at $4.4 billion. The appeal by Battle Born Investments, claiming ownership, was rejected, confirming government control. The US Marshal Service will oversee the sale, potentially impacting Bitcoin markets. The decision follows the Supreme Court's refusal to hear Battle Born's appeal, which argued rights to the Bitcoin through a bankruptcy estate. The sale could be the largest of seized Bitcoin, with political implications noted amid upcoming US elections."
The owner is probably from China. BTC investors couldn't be bothered with this news. That's why BTC hardly moves.
You are posting about a very important topic. It is about the diminution of the protection of private property rights in the US. Your thread is in the right place because it relates particularly to crypto assets. It should be expanded to a discussion about diminution of property A suitable forum would be politics.
Hi, one question: How did Battle Born Investements came into the possession of 69,370 btc, that came from the (world famous) Silk Road Darknet Market? I mean, how can you purchase rights through a Darknet bankruptcy estate? https://cointelegraph.com/news/supreme-court-wont-hear-silk-road-bitcoin-ownership-case Regards
No, it is about the market effect of selling a huge chunk of assets. They may use the auction method and it won't effect the market much.
It absolutely will affect the market because they will auction it off to big companies like BlackRock, who will in turn buy it at a cheaper price and then dump the market in the future. This is actually worse than selling it on the exchange...
Do you think they will dump the lot at once in the market? That'll be fun to watch. Or will they be clever and use a bot to sell small sizes at intervals over time to not to modify the price? The second option will provide them more profits. Do you think that they have traders that can handle the coins?
4 years ago they auctioned off 4.41K Bitcoins in 4 different sized blocks.(2500, 1000, 500 and 41) 200K required deposit for each bid. Buyers had a week to bid. https://www.usmarshals.gov/what-we-do/asset-forfeiture/sale-approximately-404158424932-bitcoin So they probably auction these too but probably taking their time. (at least I would) So first only 5K bitcoin would be available in 4-5 blocks. Then a few weeks later another 5K, etc. Or if they get a bunch of similar bids, they fulfill all of them, getting ride of the stack. It is also possible they find a few bigger investors that can bid for bigger chunks. Everybody wins, the buyer probably buys it cheaper than on the market, and the seller sells it higher than on the market.