US moves $1.92B in Bitcoin, fueling selloff talks as 10,000 BTC lands on Coinbase Prime for possible liquidation.
Global governments sell Bitcoin; Germany and Bhutan manage holdings, hinting at diverse sovereign crypto strategies.
Trump’s proposal for a US Bitcoin reserve gains attention, signaling potential shifts in national crypto policies.
The United States government has executed a major Bitcoin transfer worth $1.92 billion, according to Arkham Intelligence. This transaction occurred at block height 872935 and has ignited widespread speculation about its intent. The funds were distributed between two wallets, with $969 million directed to the address “33Tgpo…y3BShW” and $949 million to “bc1qxkh….g6wc7p6.”
https://twitter.com/arkham/status/1863623883422679160 Speculations of a Mega Selloff
The purpose behind the transfer remains unclear, but many believe a selloff may be imminent. Intelligence reports indicate that 10,000 BTC units were moved to Coinbase Prime. These funds originated from assets seized during the shutdown of the Silk Road dark web marketplace.
Moreover, this transaction follows a similar transfer in July, when the government moved over $2 billion worth of BTC. These movements occur as discussions around strategic Bitcoin reserves gain traction in the U.S. and globally.
Other Nations' Bitcoin Strategies
The U.S. is not alone in its crypto activities. Germany and Bhutan have recently sold significant Bitcoin holdings. Bhutan liquidated $33 million worth of Bitcoin, contributing to its overall holdings exceeding $1.1 billion.
Similarly, Germany sold over 50,000 Bitcoin earlier this year. However, there are growing advocacy efforts in Germany for a buyback of its liquidated assets.
Furthermore, Switzerland has also taken a proactive stance. The parliament of Canton Bern approved an investigation into Bitcoin mining's economic benefits, further cementing Switzerland's pro-crypto position.
Strategic Reserves and Political Promises
Amid these developments, the idea of a U.S. strategic Bitcoin reserve has gained attention. President-elect Donald Trump’s campaign has highlighted this concept, raising questions about its potential implementation. Such a move could mark a significant shift in U.S. crypto policy and position the nation as a leader in the emerging digital economy.
As these developments unfold, the crypto market watches closely, especially with Bitcoin’s performance continuing to dominate headlines. The implications of these transactions for the broader market remain uncertain but highly consequential.
The post US Government Moves $1.92 Billion in Bitcoin, Sparks Selloff Speculation appeared first on Crypto News Land.
