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Bitcoin Plummets Under $67,000 As U.S. Government Moves $2 Billion In Bitcoin

Bitcoin Plummets Under $67,000 As U.S. Government Moves $2 Billion In Bitcoin

CryptopotatoCryptopotato2024/07/29 17:59
By:Author: Andrew Throuvalas

The government is back to selling its BTC just days after Trump promised to use it as part of a strategic Bitcoin reserve.

On-chain analysts just caught the U.S. government moving around $2 billion worth of its massive BTC holdings, sparking market panic that it might be preparing for another sale.

Meanwhile, Bitcoin’s price has steadily declined throughout the day, tapping $70,000 at 13:15pm UTC before crashing to $66,900 by 17:26 UTC.

  • At 16:18 UTC, data from Arkham Intelligence showed that the government’s Bitcoin wallet had moved 29,799 BTC ($2.02 billion) to a new blockchain address.
  • That $2 billion was subsequently split into two addresses, one of which received exactly 10,000 BTC worth $669.35 million.
  • “We believe this represents a 10,000 BTC deposit to an institutional custody/service,” Arkham said over Twitter on Monday.
  • Historically, the government has sold whatever BTC it owns in batches of a few thousand Bitcoin at a time – some of which haven’t been well timed in retrospect.
  • Per Arkham’s latest figures , the government now has 183,439 BTC ($12.25 billion) remaining in its coffers.
  • The sale comes only days after both former President Donald Trump and candidate Robert F. Kennedy Jr promised to establish a national strategic reserve of Bitcoin if elected in November.
  • Both candidates said the BTC currently held by the government would be the starting point for this stockpile.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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