Bitcoin spiked to $70k after the Bitcoin 2024 conference but fell below $67k following the U.S. government's transfer of 29.8k BTC worth over $2bn.

The transfer was suspected to be part of a custody deal with Coinbase.

The U.S. government holds 183k BTC. If it sells the recently transferred 29.8k BTC, then China, with an estimated 194k BTC, would become the country with the largest BTC holdings.