Swan Bitcoin Director: The size of the US government’s planned $118 million BTC sale is minuscule compared to GBTC outflows

Many people, including Steven Lubka, director of the Bitcoin trading platform Swan Bitcoin, believe that the U.S. government’s planned sale of $118 million in Bitcoin auctions is “insignificant” compared to the outflow of funds. Lubka posted on the X platform: "The outflow of GBTC funds in the morning was 4 times this." It is reported that the last known sale operation by the U.S. government was in March 2023, selling 9,118 Bitcoins. (Cointelegraph) According to previous news, a notice submitted by U.S. officials showed that it plans to dispose of nearly 2,875 Bitcoins seized from Ryan Farace and Sean Bridges during the dark web Silk Road law enforcement operation, worth approximately US$117 million. It is reported that the U.S. Department of Justice accused criminal suspect Farace (also known as Xanaxman) of selling illegal items through the dark web in 2018 and seized related funds in 2021.