US Government's Bitcoin Transfer Sparks Sell-Off Fears Amid Market Volatility
The US government's recent transfer of a large amount of Bitcoin has raised concerns in the crypto community about a potential sell-off. This follows a similar transfer of 2,000 BTC on June 2, which led to market speculation. The latest transfer involved 11.84 BTC (approximately $726,000), seized from Estonian entrepreneurs involved in a crypto fraud scheme.
Previous large transfers, such as 4,000 BTC moved to Coinbase Prime on June 26, have led to noticeable market reactions, with Bitcoin's price dropping to $61,208. These moves reflect the market's sensitivity to significant transactions.
Adding to these concerns, the German government transferred 595 BTC to major exchanges on the same day as the US transaction. Recently, Germany sold over 2,000 BTC, heightening market fears. Germany's reported Bitcoin assets total $2.76 billion, including $1.1 billion in unrealized profits, making their actions particularly influential.$BTC