ChainCatcher reported that according to Cointelegraph, the price of Bitcoin fell further as the transfer of Bitcoin by the US government today increased selling pressure. Axel Adler Jr., a contributor to the on-chain analysis platform CryptoQuant, said that large market participants led the risk-averse reaction to the latest transfers by "selling the news." He pointed out that "whenever Arkham tweets about the currency trend, the shorts will 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 crypto intelligence firm Arkham, the largest batch of cryptocurrencies confiscated by the U.S. government this year, totaling 10,000 BTC (worth $581 million), was transferred to Coinbase for trading. This event offset any positive impact from macroeconomic changes in the United States, such as the failure of the Consumer Price Index (CPI) to boost Bitcoin prices. Analysis platform Lookonchain shows that the U.S. government's Bitcoin transfers in 2024 have repeatedly triggered copycat reactions in the market. This year, the U.S. government transferred 15,940 BTC worth $966.4 million to Coinbase Prime in three transactions. Within three days after the first two transfers, the price of Bitcoin fell by about 5%.
