Ki Young Ju, founder and CEO of CryptoQuant, wrote on the X platform that the government sell-off of bitcoin is overvalued, and the amount of bitcoin sold by governments around the world is negligible compared to the overall inflow into the bitcoin space. Since 2023, $224 billion has flowed into the market. BTC seized by governments accounts for only 4% of the cumulative realized value since 2023, about $9 billion.