Bitcoin Falls Below $67,000 As US Government Moves $2 Billion In Bitcoin

Analysts on the chain have just caught the US government moving around $2 billion of its massive BTC holdings, causing the market to panic that it could be preparing for another sell-off.

Meanwhile, the price of Bitcoin has steadily declined throughout the day, touching $70,000 at 13:15 UTC before falling to $66,900 at 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. This $2 billion was later split into two addresses, one of which received exactly 10,000 BTC worth $669.35 million. “We believe this represents a deposit of 10,000 BTC into an institutional custody/service,” Arkham said on Twitter on Monday. Historically, the government has sold any BTC it owns in batches of a few thousand Bitcoins at a time, some of which have not been well timed in hindsight. According to Arkham’s latest figures, the government now has 183,439 BTC ($12.25 billion) remaining in its coffers. The sale comes just days after both former President Donald Trump and candidate Robert F. Kennedy Jr vowed to establish a national strategic Bitcoin reserve if elected in November. Both candidates said that the BTC currently held by the government would be the starting point for such storage. SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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