TechFlow news, on August 15, according to Cointelegraph, Bitcoin's price declined further today due to increased selling pressure from the U.S. government's transfer of Bitcoin. Axel Adler Jr., a contributor to the on-chain analytics platform CryptoQuant, said large market participants were driving risk-off reactions to the latest transfers by "selling the news." He noted, "Whenever Arkham tweets about fund movements, shorts immediately start dumping the market. The sale of 10,000 Bitcoins by the U.S. government won't have any impact, but the mere fact triggers such a reaction."
According to data from cryptocurrency intelligence firm Arkham, the U.S. government transferred its largest batch of seized cryptocurrency this year—10,000 BTC (worth $581 million)—to Coinbase for trading. This event offset any positive impact from favorable U.S. macroeconomic developments, such as the Consumer Price Index (CPI) report failing to boost Bitcoin’s price. Data from analytics platform Lookonchain shows that multiple Bitcoin transfers by the U.S. government in 2024 have triggered imitative market reactions. This year, the U.S. government has transferred 15,940 BTC worth $966.4 million to Coinbase Prime through three transactions. Following the first two transfers, Bitcoin’s price dropped approximately 5% within three days.
