I can’t help but think… a year ago the US gov supposedly had 200,000 bitcoin. Now they have 30,000. I doubt 170,000 Bitcoin was liquidated. Some of it was likely shuffled into darker corners of the deep state coffers. Some of it was probably liquidated after Trump won the election. Some more of it was probably liquidated after the executive order stating to not liquidate it (haha).

So how much was liquidated? 50,000 BTC? 100,000 BTC?

From Trump’s perspective 170,000 was liquidated when he signed an executive order stating to not liquidate it.

The bear case is the quiet liquidation is over and we continue the low sizzle of the last 8 months. The bull case is Trump takes offense to the perception that 170,000 was liquidated after he explicitly said not to and tries to make up for lost time to spite whoever conducted the liquidations.

I think at a minimum he tries to get back to 200,000 Bitcoin. I think his ego will want to get past Strategy, a nice even 1,000,000 seems like a satisfactory number.

Where does that put BTC/USD? Higher.