The report that the US government transferred 3,940 BTC worth approximately $241 million to Coinbase was reflected as a new pressure on the crypto market.
The US government continues to transfer crypto money to exchanges after receiving authorization to process the Bitcoins it confiscated. The government had previously contributed to the decline in the market by transferring a larger amount of Bitcoin worth $2 billion in April. While such actions are seen as part of the US intervention in the crypto market, some believe that the state is making strategic moves to reduce its holdings of crypto assets.
US government holds large amount of BTC
According to Lookonchain data, the US government currently holds 213.46 BTC worth approximately $13.07 billion. The USA is the country that holds the most Bitcoin with its assets.
Approximately 2.7% of the Bitcoin in circulation worldwide is held by states including the USA, China, the United Kingdom, Germany and El Salvador.
Meanwhile, this move by the USA took place after the actions of the German government, which has been transferring Bitcoin to crypto exchanges since last week.
It seems that the downward trend in the Bitcoin market has intensified with the sales of government institutions in recent days. However, many market experts attribute the main reason for Bitcoin's decline to miner sales.
Although it is thought that the withdrawal in Bitcoin is due to large-scale miner sales, the USA continues to unsettle the market with its high amount of BTC. While speculation in the market is that the USA has the potential to dominate the market with its Bitcoin reserves, it is emphasized that such crypto transfers may have a greater impact on the market through panic sales rather than the amount of sales.