A transfer of such a large amount of Bitcoin to an exchange, especially Coinbase Prime, often signals an intent to sell or distribute. This can create bearish sentiment as market participants anticipate increased supply.
When the U.S. Government sold 29,799 BTC on July 29, 2024, the market experienced a sharp price drop, with Bitcoin losing over 24% in value. Such large-scale government sales typically create significant selling pressure
Written by Amr Taha
