Arkham posted at midnight today that the U.S. government transferred 19,800 bitcoins to Coinbase Prime, sparking discussions about a possible sale. This article provides a detailed analysis.
According to a post from the on-chain data analysis platform Arkham a few hours ago, the U.S. government has transferred 19,800 bitcoins (valued at $1.92 billion) to the U.S. exchange Coinbase Prime. This has once again raised market speculation about whether the U.S. government will sell BTC again before Trump's term ends.
Is the U.S. government going to sell BTC again? Not necessarily.
Generally speaking, deposits to exchanges indicate an intention to sell assets. Since the U.S. government holds over 200,000 BTC, it has always attracted market attention, but this transfer may not necessarily be for selling Bitcoin.
First of all, because the U.S. Marshals Service, under the Department of Justice (DOJ), announced a partnership with Coinbase Prime in July to 'safeguard and trade' digital assets, this transfer may be for asset custody.
On the other hand, if the U.S. government really intends to sell BTC, there should also be legal documents publicizing the sale plan. According to court documents, the last time the U.S. government confirmed the sale of Silk Road assets was in March 2023, when 9,861 tokens were sold for $216 million. (The authorities outlined a plan to sell the remaining assets in four installments that year.)
Therefore, investors do not need to panic too much and can patiently continue to observe.
BTC once fell below $95,000
But interestingly, shortly after the U.S. government transferred a large amount of BTC, Bitcoin dropped to a low of $94,388 around 01:45 this morning. There was a slight rebound before the deadline, currently reported at $95,659, down 2.32% in the past 24 hours.
Does the U.S. government often see a decline every time it transfers BTC to Coinbase?
It is worth noting that, according to monitoring statistics from Lookonchain, the U.S. government transferred a total of 15,940 bitcoins to Coinbase Prime in three installments this year. Statistics show that the price of BTC fell by about 5% within three days after the first two transfers.
Transferred 2,000 BTC in April
Transferred 3,940 BTC in mid-June
Transferred 10,000 BTC in mid-August (there was a decline on that day, followed by a subsequent increase)
Will there be a similar phenomenon this time? We can continue to observe...
