🚨 US Government Bitcoin Transfer

Bitcoin experienced a sharp decline, briefly dropping below $59,000, after the US government moved 10,000 BTC, worth approximately $591 million, to Coinbase Prime. These funds, seized from the infamous Silk Road marketplace, mark another significant transfer by the US government. The transaction, tracked by Arkham Intelligence, follows a prior transfer of $2 billion in Bitcoin in July.

This move comes amidst changing market dynamics, particularly Bitcoin's altered correlation with Germany's ETC Group Physical Bitcoin (BTCE) fund reserves. Historically, Bitcoin's price has closely followed changes in BTCE reserves, rising when reserves increased and falling during declines. However, since the launch of US spot Bitcoin ETFs in January, this pattern seems to have shifted.

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