At around one o'clock today , according to data from the cryptocurrency intelligence platform Arkham , the US government wallet sent 3,940 BTC (worth US$240 million) to Coinbase Prime, and a new round of BTC auction was suspected to have started.
Bitcoin once fell below $61,000
Perhaps affected by this information, Bitcoin fell below US$61,000 again and reached a low of US$60,712 at 3:00 midnight. It rebounded to US$61,058 before the deadline, down 1.72% in the past 24 hours.
Although it cannot be tracked after being transferred to Coinbase Prime, it is most likely preparing for sale. However, the exact time of sale will not be known until the U.S. government officially explains the situation.
CryptoQuant CEO: Little impact
In response to this situation, Ki Young Ju, CEO of data analysis platform CryptoQuant, posted on X earlier:
The US government sold 4,000 Bitcoins today, but it is unlikely to have an impact on the market.
During periods of peak spot ETF inflows, Coinbase Prime handles sell-side liquidity of 20,000 to 49,000 BTC per day, while during downturns in spot ETF inflows, it handles sell-side liquidity of 6,000 to 15,000 BTC per day.
Posting this because I'm tired of the "government sell" fear, uncertainty and doubt (FUD).
The U.S. government still has 213,000 Bitcoins
Although Ki Young Ju believes that these Bitcoins will not cause violent fluctuations in the market, the number of Bitcoins that the US government will sell this time is unclear (there are currently 213,000 Bitcoins in the wallet, which is the third largest Bitcoin in the world) Coin whale), and during the market downturn, any disturbance may have an impact, and it is worthy of continued observation by investors.
On the other hand, the U.S. Marshals Service has previously stated that officials will sell crypto assets in batches instead of selling them all at once to try to prevent adverse effects on the market. Jarod Koopman, executive director of the IRS Cyber and Forensic Services Division, said at the time :
We do not participate in the market and our actions are largely determined by the timing of legal proceedings.
