Earlier reports that the U.S. government sent 3,940 Bitcoins (worth over $240 million) to well-known cryptocurrency exchange Coinbase quickly sent ripples through the cryptocurrency market, causing the price of Bitcoin to fall.
According to on-chain detective ZachXBT, the U.S. government transferred 3,940 bitcoins seized from the dark web black market "Silk Road" to Coinbase Prime. It is estimated that these coins will be sold. Bitcoin immediately fell to $61,000 in the early morning of the 27th. .
Ki Young Ju, CEO of CryptoQuant, tweeted during the market fluctuations, "The U.S. government sold 4,000 Bitcoins today, but it had little impact on the market. Coinbase Prime processed 20,000-49,000 Bitcoins per day during the peak spot ETF inflow period. BTC’s sell order liquidity handles 6k-15,000 BTC during the low inflow period.”
Ki Young Ju emphasized that this post was specifically to stop the fermentation of FUDs in the market. He bluntly said, "I am tired of the FUD of the news that 'the government is selling Bitcoin'."
〈Opinion｜CryptoQuant CEO said the US government’s sale of 4,000 Bitcoins “will have little impact on the market”〉 This article was first published on "Blocker".
