📢 The US government's big bitcoin transfer, but don't panic!
👀 Yesterday, the US government transferred $590 million worth of bitcoin, almost 10,000 coins, to the Coinbase address, which triggered a panic sell-off in the market!
🔐In fact, these bitcoins were just sent to the Coinbase Prime custody wallet, which is a high-level custody service provided by Coinbase for big players. The US government may just want to keep or trade these bitcoins through Coinbase.
🤔Although some people initially worried that this would be a big sell-off, Ryan Lee, chief analyst at Bitget Research, said that this is unlikely. Because last month, the US Department of Justice had signed a custody agreement with Coinbase Prime to "protect and trade" these large digital assets together.
🐋Usually, the actions of big players will affect the price of Bitcoin. But even if this time it is the big player among the big Bitcoin players - the US government, analysts still believe that they are unlikely to be sold easily.
🏦 According to Lee, the US government may just want to find a safe place to store it, or do arbitrage trading through Coinbase. After all, Coinbase is the main custodian of US ETFs, and it is reasonable for the government to give Bitcoin to Coinbase for safekeeping.
💡Besides, if so many Bitcoins are really sold, the market will definitely fluctuate greatly. But judging from the current price, this possibility is very small.
🏛️ Although any whale or institution is free to act at any time. But before they act, they usually don't inform in advance. When you learn about such events through the news, the market may have already digested it, and it may just be the mainstream media cooperating with the hype of the market crash. Therefore, your own independent analysis and judgment are particularly critical.
🤷♂️ If you don't have your own strategy and plan, and blindly follow market news reports and information, then in the long run, you may become a victim of the market. Therefore, maintaining independent thinking and formulating a careful investment plan are important factors to ensure investment success.
💬What do you think of this Bitcoin transfer? How do you think the US government will deal with these Bitcoins?Let me know what you think in the comments!
