The market has been negative recently. Investors not only have to worry about Mt. Gox distributing selling pressure on Bitcoin, but there are also reports that the German and US governments have transferred seized Bitcoins. Bitcoin has been under heavy selling pressure in recent days, with the low once reaching 58,402. As of press time The previous price was 61,085. In the short term, it is still below the moving average and cannot break upward.

(The selling pressure on Mt. Gox Bitcoin was not as heavy as expected, and most of them are long-term BTC holders)

U.S. government transfers 3,940 Bitcoins

According to on-chain data tracked by Arkham, a wallet flagged as being associated with the U.S. government moved 3,940 Bitcoin (approximately $241 million) into Coinbase Prime last night. The U.S. government still owns 213,546 Bitcoins, worth approximately $13.1 billion. It is the government with the largest Bitcoin holdings.

Arkham Research tracked the transactions in the United States and found that the 3,940 Bitcoins were originally seized from drug trafficker Banmeet Singh and confiscated during his trial in January 2024.

Is Germany also planning to sell BTC?

According to on-chain data tracked by Arkham, the German Federal Criminal Police Office (Bundeskriminalamt, referred to as BKA) transferred a total of 650 BTC (approximately $40.29 million) to the exchanges Coinbase, Bitstamp and Kraken in the past 2 days.

At press time, BKA still held 45,264 Bitcoins, worth approximately $2.76 billion.

According to BitcoinTreasuries, a Bitcoin holding data platform, the German government’s Bitcoin holdings rank fourth, behind the United States, China and the United Kingdom.

This article: BTC is under heavy selling pressure. The US and German governments have successively transferred out of Bitcoin. Has the wave of dumping begun? First appeared in Chain News ABMedia.