Due to the US government's transfer of Bitcoin increasing selling pressure, the price of Bitcoin further declined. Axel Adler Jr., a contributor to the on-chain analysis platform CryptoQuant, stated that large market participants are leading the risk-averse reaction to the latest transfer by "selling the news". He pointed out that "every time Arkham posts news about the currency trend on Twitter, the bears immediately start selling the market. The 10,000 bitcoins sold by the US government will not have any impact, but the fact itself will cause such a reaction." According to data from the encryption intelligence company Arkham, the largest batch of confiscated cryptocurrencies by the US government this year totaling 10,000 BTC (valued at $581 million) was transferred to Coinbase for trading. This event offset any positive impact of macroeconomic changes in the United States, such as the Consumer Price Index (CPI) failing to boost the price of Bitcoin. The analysis platform Lookonchain shows that the US government's Bitcoin transfer in 2024 has repeatedly triggered imitative reactions in the market. This year, the US government transferred 15,940 BTC worth $966.4 million to Coinbase Prime through three transactions. After the first two transfers, the price of Bitcoin fell by about 5% within three days.

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