Arkham posted at midnight today, indicating that the U.S. government transferred 19,800 bitcoins to Coinbase Prime, sparking heated discussions about the suspected sale action, and this article provides a detailed analysis for you.
According to a post by the on-chain data analysis platform Arkham a few hours ago, the U.S. government has transferred 19,800 bitcoins (worth $1.92 billion) to the U.S. exchange Coinbase Prime. This has once again sparked market speculation about whether the U.S. government will execute another sale of BTC before Trump takes office.
Is the U.S. government going to sell BTC again? Perhaps not necessarily.
Generally speaking, depositing to an exchange indicates 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 bitcoins.
Firstly, because the U.S. Marshals Service, under the Department of Justice (DOJ), announced a partnership with Coinbase Prime in July to 'protect 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 announcing 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 it sold 9,861 tokens for $216 million. (The authorities outlined a plan to sell the remaining assets in four batches that year.)
Therefore, investors need not panic too much now and can continue to observe patiently.
BTC once fell below $95,000
But it is quite coincidental that 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. Before the deadline, it rebounded slightly to $95,659, down 2.32% in the last 24 hours.
Does the U.S. government often experience price drops when transferring BTC to Coinbase?
It is worth noting that, according to Lookonchain monitoring statistics, the U.S. government transferred a total of 15,940 bitcoins to Coinbase Prime in three batches this year. Statistics show that in the three days following the first two transfers, the price of BTC fell by about 5%.
In April, 2,000 BTC were transferred
In mid-June, 3,940 BTC were transferred
In mid-August, 10,000 BTC were transferred out (there was a drop that day, followed by a rebound)
Whether the same phenomenon will occur this time, we can continue to observe...
