Investing.com reported that the US government recently transferred approximately 3,940 BTC, valued at around $241 million, to Coinbase. This move has added pressure to the crypto market, as the US government continues to take action on seized assets by transferring cryptocurrencies to exchanges. In April, a larger amount of Bitcoin worth $2 billion was transferred, contributing to a market decline.
Currently, the US government holds approximately 213,460 BTC, valued at around $13.07 billion, making it the largest holder of Bitcoin among governments globally. Other countries holding significant amounts of Bitcoin include China, the United Kingdom, Germany, and El Salvador. The recent actions by the US government follow similar transactions by the German government, which has also been transferring Bitcoin to crypto exchanges.
The Bitcoin market has seen a downtrend in recent days, intensified by sales from government institutions. While some experts attribute the decline to miner sales, the large amount of BTC held by the US government continues to create market anxiety. Speculations suggest that the US has the potential to influence the market with its Bitcoin reserves, and the impact of such transfers could lead to panic selling.
Despite closing with a 1.5% drop below $61,000, Bitcoin has seen accelerated buying towards US trading hours, moving towards $62,000. The market remains volatile, with the actions of government institutions adding to the uncertainty surrounding Bitcoin’s price movements.