{"id":656403,"date":"2024-12-03T07:30:16","date_gmt":"2024-12-03T07:30:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=656403"},"modified":"2024-12-03T04:48:12","modified_gmt":"2024-12-03T04:48:12","slug":"is-a-bitcoin-sell-off-coming-us-government-moves-10000-btc-to-coinbase","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/is-a-bitcoin-sell-off-coming-us-government-moves-10000-btc-to-coinbase\/","title":{"rendered":"Is A Bitcoin Sell-Off Coming? US Government Moves 10,000 BTC To Coinbase"},"content":{"rendered":"<p><span style=\"font-weight: 400\">As the Bitcoin price consolidates just below its all-time high of $99,540, a significant move by the US government has raised concerns among investors. The government has transferred a substantial amount of its seized Bitcoin holdings to Coinbase, potentially signaling intentions to sell. This echoes similar actions that had previously impacted the market earlier this year.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">US Government&#8217;s Bitcoin Transfer<\/span><\/h2>\n<p><a href=\"https:\/\/x.com\/arkham\/status\/77630469\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">According <\/span><\/a><span style=\"font-weight: 400\">to market intelligence firm Arkham, the US government moved approximately 10,000 Bitcoin, worth around $1.92 billion at current market prices, to two separate wallets.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-boom-over-crypto-analyst-sudden-sell-signal\/\" target=\"_blank\" rel=\"noopener \">Dogecoin Boom Over? Crypto Analyst Warns Of Sudden Sell Signal<\/a><\/div>\n<p><span style=\"font-weight: 400\">One wallet contains Bitcoin valued at $969 million, while the other holds approximately $949 million. This strategic allocation has drawn attention, especially given the government&#8217;s history of selling seized Bitcoin, which can create notable selling pressure in the market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Data from crypto analytics firm Dune indicates that the US government <\/span><a href=\"https:\/\/dune.com\/21co\/us-gov-bitcoin-holdings\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">currently holds<\/span><\/a><span style=\"font-weight: 400\"> a staggering 183,422 BTC, valued at over $17.6 billion. This accounts for roughly 0.93% of the total Bitcoin supply.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Should the government decide to sell a portion of these holdings, it could exert significant downward pressure on Bitcoin&#8217;s price, reminiscent of previous sell-offs that followed major transfers.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">A Halt To Government Sales In 2025?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Historically, such actions have led to increased volatility. For instance, NewsBTC <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin-price-plummets-as-us-government-transfers-2b-in-seized-silk-road-btc-coincidence\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">reported <\/span><\/a><span style=\"font-weight: 400\">in April, when the Bitcoin price peaked at $73,700, that the government transferred over 30,000 Bitcoin seized from the Silk Road marketplace.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This followed a previous seizure of more than 50,000 BTC from James Zhong, who allegedly obtained these funds through illegal means related to the <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/silk-road-bitcoin-almost-certainly-sold-by-us-gov\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Silk Road<\/span><\/a><span style=\"font-weight: 400\"> in 2012. Following these transfers, Bitcoin experienced substantial price fluctuations and a downward trend over the subsequent months.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In 2022, the government also sold 9,800 BTC, with plans to divest an additional 41,500 Bitcoin. This history raises concerns that the latest transfer could lead to a similar outcome, potentially jeopardizing Bitcoin&#8217;s recent upward price momentum. However, there are emerging hopes that such moves could be curtailed in 2025.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/fantom\/fantom-price-breakout-18000-150\/\" target=\"_blank\" rel=\"noopener \">Fantom Price Breakout: Analyst Shares Anatomy Of FTM\u2019s 18,000% Move To $150 By 2025<\/a><\/div>\n<p><span style=\"font-weight: 400\">President-elect Donald Trump is expected to assume office on January 20, and he has proposed a strategy that includes making Bitcoin a<\/span><a href=\"https:\/\/uniquehot.com\/breaking-news-ticker\/vaneck-gives-official-backing-to-donald-trumps-bitcoin-reserve-strategy\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> strategic reserve asset <\/span><\/a><span style=\"font-weight: 400\">for the US.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This approach would involve the government purchasing nearly 1 million BTC rather than selling its current holdings, with plans to use these assets to help reduce the nation\u2019s $36 trillion national debt.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This proposal has been introduced in Congress by US Republican Senator Cynthia Lummis under \u201cthe Bitcoin Act,\u201d which has garnered<\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-reserve-legislation-gain-bipartisan-support\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\"> bipartisan support<\/span><\/a><span style=\"font-weight: 400\">. With the recent shift in leadership from Democrats to Republicans securing a majority in the House, there is optimism that this bill could come into effect in the second or third quarter of 2025.<\/span><\/p>\n<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/XC7vJHkx\/\" alt=\"Bitcoin\" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows BTC&#8217;s price consolidation below its record high. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, BTC is trading at $96,000, down 0.7% over the past 24 hours.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the Bitcoin price consolidates just below its all-time high of $99,540, a significant move by the US government has raised concerns among investors. The government has transferred a substantial amount of its seized Bitcoin holdings to Coinbase, potentially signaling intentions to sell. This echoes similar actions that had previously impacted the market earlier this year. US Government&#8217;s Bitcoin Transfer According to market intelligence firm Arkham, the US government moved approximately 10,000 Bitcoin, worth around $1.92 billion at current market prices, to two separate wallets.\u00a0 Related Reading: Dogecoin Boom Over? Crypto Analyst Warns Of Sudden Sell Signal One wallet contains Bitcoin valued at $969 million, while the other holds approximately $949 million. This strategic allocation has drawn attention, especially given the government&#8217;s history of selling seized Bitcoin, which can create notable selling pressure in the market. Data from crypto analytics firm Dune indicates that the US government currently holds a staggering 183,422 BTC, valued at over $17.6 billion. This accounts for roughly 0.93% of the total Bitcoin supply.\u00a0 Should the government decide to sell a portion of these holdings, it could exert significant downward pressure on Bitcoin&#8217;s price, reminiscent of previous sell-offs that followed major transfers. A Halt To Government Sales In 2025? Historically, such actions have led to increased volatility. For instance, NewsBTC reported in April, when the Bitcoin price peaked at $73,700, that the government transferred over 30,000 Bitcoin seized from the Silk Road marketplace.\u00a0 This followed a previous seizure of more than 50,000 BTC from James Zhong, who allegedly obtained these funds through illegal means related to the Silk Road in 2012. Following these transfers, Bitcoin experienced substantial price fluctuations and a downward trend over the subsequent months. In 2022, the government also sold 9,800 BTC, with plans to divest an additional 41,500 Bitcoin. This history raises concerns that the latest transfer could lead to a similar outcome, potentially jeopardizing Bitcoin&#8217;s recent upward price momentum. However, there are emerging hopes that such moves could be curtailed in 2025.\u00a0 Related Reading: Fantom Price Breakout: Analyst Shares Anatomy Of FTM\u2019s 18,000% Move To $150 By 2025 President-elect Donald Trump is expected to assume office on January 20, and he has proposed a strategy that includes making Bitcoin a strategic reserve asset for the US.\u00a0 This approach would involve the government purchasing nearly 1 million BTC rather than selling its current holdings, with plans to use these assets to help reduce the nation\u2019s $36 trillion national debt. This proposal has been introduced in Congress by US Republican Senator Cynthia Lummis under \u201cthe Bitcoin Act,\u201d which has garnered bipartisan support. With the recent shift in leadership from Democrats to Republicans securing a majority in the House, there is optimism that this bill could come into effect in the second or third quarter of 2025. At the time of writing, BTC is trading at $96,000, down 0.7% over the past 24 hours.\u00a0 Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":642366,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,485,656,679,1119,1122,1144,78790,6664,14690,1558],"class_list":["post-656403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Is A Bitcoin Sell-Off Coming? 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