Hot News 🔥 Will US Government's Bitcoin Sales Trigger Bigger Drops in BTC?

The US Government sells Bitcoin via OTC.

As of today, it appears that volatile declines have occurred in the cryptocurrency industry. The leading cryptocurrency Bitcoin (BTC) has decreased by 10% from $ 71,350 to $ 64,500 in the last 2 days.

The fact that BTC dominance did not experience a significant retreat while Bitcoin was experiencing a decline naturally caused altcoins to be badly affected by this process.

In recent hours, the US Government's BTC sales have been on the agenda of the crypto industry. Anl Cnc, a successful on-chain analyst, determined that the US Government carries out BTC sales via OTC and conveyed the following information via his X/Twitter account:

Of the 30,174 Bitcoins carried by the US government, 2,000 were sent to Coinbase Prime Deposit wallets, where Grayscale usually sends them.

The remaining Bitcoins (BTC) are kept in a new wallet. "They started selling BTC piece by piece, but the sales are made OTC, not from the market."

Since the BTCs transferred from the over-the-counter market are not sold on the board, they should not actually affect the price of Bitcoin. Still, the news causes other investors to sell crypto on the board and causes declines.

The successful on-chain researcher also said, “There was clean insider trading in Bitcoin.” Turkish analysts think that the recent declines in Bitcoin were operated by those who learned in advance that the USA would sell BTC.

Stay tuned for updates.