In a significant development, 30,175 Bitcoin (BTC) was transferred on Tuesday morning from a wallet tagged as belonging to the US government. With Bitcoin's current price hovering around $65,000, the total amount of coins transferred is estimated to be around $2 billion.
The move comes after the government's last confirmed sale took place in March 2023, when it sold 9,861 Bitcoin for $216 million. The bitcoins in question were part of approximately 50,000 coins seized by the government in late 2022, linked to the infamous Silk Road website.
According to blockchain analysis firm Arkham Intelligence, 2,000 of the transferred bitcoins were sent to wallets on cryptocurrency exchange Coinbase (COIN), while the remaining coins were sent to wallets identified as government-owned. That's what it means.
News of this significant Bitcoin movement had an immediate impact on the cryptocurrency market. Bitcoin, which was already on a downward trend, fell further below $65,000 following this announcement.
However, it has since recovered slightly and is now trading at $65,200, marking a 4.7% decline in the past 24 hours. The event follows Bitcoin's recent surge above $71,000 for the first time in history, shortly after the UK's Financial Conduct Authority approved trading in crypto-exchanged bonds.
Retreat after large rise
This recent upward trend in Bitcoin prices follows the US approval of spot Bitcoin exchange-traded funds (ETFs) in January, and last week saw Bitcoin on track to surpass the $70,000 milestone for the first time. became. Similarly, Ethereum (ETH) also crossed the $4,000 milestone on Monday. Now, companies are trying to do the same with Ethereum.
The physical Bitcoin (BTC) exchange-traded fund (ETF) traded on Nasdaq recorded inflows of $15.4 million at the end of March, turning positive after five consecutive days of outflows, according to preliminary statistics from investment firm Pharcyde. Ta.
The past week was tough for these ETFs, with outflows totaling $887.6 million, mainly due to large withdrawals from GBTC.
