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CryptoQuant: Governments' Share in Bitcoin is Only 4%, Sales are Exaggerated!
CryptoQuant CEO stated that only 4% of the 224 billion dollars entering the market since 2023 came from Bitcoins seized by governments.
Ki Young Ju, CEO of on-chain data and analysis platform CryptoQuant, made noteworthy statements on Twitter on July 5th regarding the recent selling pressure on Bitcoin.
Ki Young Ju stated that government Bitcoin sales are exaggerated. According to Ju, $224 billion has flowed into the crypto market since 2023, and the Bitcoins seized by governments have contributed only $9 billion to the total market value.
It represents only 4% of the total realized value representing the total capital entering the market since 2023. Ju emphasized that governments have limited influence on Bitcoin. Ju also stated the following:
Don't let the government's FUD selling ruin your transactions.
Bitcoin and other cryptocurrencies experienced sharp declines with the addition of Mt. Gox on top of selling pressure from the US, Germany, and miners.
According to CoinGecko data, Bitcoin is trading at $56,700 at the time of writing.
Stay tuned for new information