The U.S. government moves its BTC holdings yet again, causing FUD across the market. However, traders remain hopeful despite the growth in the king coin's Implied Volatility.
Under the assumption that the quantity transferred today will eventually be sold, the tweet above implies that approximately 31,600 BTC remain to be liquidated by the U.S government.
A subsequent court filing confirmed that the aforementioned 9,900 BTC was successfully sold later on 14 March. Additionally, it was stated that the remaining seized BTC, totaling around 41,000 BTC, would be liquidated in four subsequent installments. Following this, according to CryptoQuants’ data, a phenomenon known as a significant short squeeze transpired.
At press time, the number of long positions taken for BTC outweighed the shorts according to data provided by Coinglass. However, the percentage of long positions was steadily declining.
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