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

According to Cointelegraph, many people, including Steven Lubka, a director of the Bitcoin trading platform Swan Bitcoin, believe that the planned auction of 118 million US dollars worth of Bitcoin by the US government is "insignificant" compared to capital outflows. Lubka stated: "The morning sales volume of GBTC is four times this." It is reported that the last known sale by the government was in March 2023 when they sold 9,118 Bitcoins. According to BlockBeats news on January 26th, according to a notice submitted by US officials, they plan 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. The value is approximately $117 million. It is reported that in 2018, the US Department of Justice charged suspect Farace (also known as Xanaxman) with selling illegal items on the dark web and seized related funds in 2021.