US Government Transferred 10K BTC to Coinbase, Causing a 3.3% Price Drop. Bitcoin Transfer to Coinbase Prime May Hint at Future Market Sell-offs.

US holds 203,239 BTC, worth $12.05 billion, mainly from seizures. Government Bitcoin sales have become infamous in the crypto community

The United States government has recently moved 10,000 Bitcoin, valued at approximately $594 million, from one of its wallets to a Coinbase Prime account, according to blockchain data. This action coincided with a 3.3% drop in Bitcoin's price, which fell below the key $60,000 level to reach around $58,330 at the time of the transfer.

However, it's crucial to note that the government's move of Bitcoin to Coinbase doesn't directly indicate an immediate sell-off. The full details and purpose of the transfer are yet to be disclosed by the relevant authorities.

This isn't the first time the U.S. government has moved such a large quantity of Bitcoin. Just two weeks prior, in July, the government transferred $2 billion worth of Bitcoin, with Coinbase likely being the recipient, as indicated by blockchain analysis.

The United States government currently holds 203,239 Bitcoin, valued at approximately $12.05 billion, making this transfer a significant event in the cryptocurrency world. These assets were primarily acquired through seizures, such as those from the illicit Silk Road marketplace.

The recent transfer of 10,000 BTC by the U.S. government has sparked discussions among traders and analysts. Some speculate that the government might be preparing to sell a portion of its Bitcoin holdings, which could introduce selling pressure on the cryptocurrency, potentially leading to a drop in its price.

Others suggest that this move might be related to institutional investment strategies, given Coinbase Prime's role as a platform for professional and institutional traders.

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