US Government Transfers 3,940 BTC Worth $241M to Coinbase (NASDAQ:COIN)

The report that the US government transferred approximately 3,940 BTC worth around $241 million to Coinbase (NASDAQ:COIN) has added a new pressure element

The report that the US government transferred approximately 3,940 BTC, valued at around $241 million, to Coinbase (NASDAQ:COIN) has added a new layer of pressure to the crypto market.

After being granted the authority to take action regarding the Bitcoin it had seized, the US government has continued to transfer cryptocurrencies to exchanges. In April, the government's contribution to a large-scale transfer of Bitcoin, valued at $2 billion, had led to a market decline. While such actions are viewed as part of the US's involvement in the crypto market, some believe that the government is making strategic moves to reduce its holdings of crypto assets.

US government holds a large amount of BTC

According to Lookonchain data, the US government currently holds approximately 213,46 BTC, valued at around $13.07 billion. Among governments, the US holds the largest amount of Bitcoin. Globally, approximately 2.7% of the circulating Bitcoin is held by governments, primarily the US, China, the United Kingdom, Germany, and El Salvador.

Meanwhile, this move by the US follows the transactions of the German government, which has been transferring Bitcoin to crypto exchanges since last week.

The downtrend in the Bitcoin market has been amplified in recent days with the sales from government institutions. However, many market experts attribute the main reason for the Bitcoin decline to miner sales.

Although the pullback in Bitcoin is largely thought to be due to miner sales, the US continues to create market anxiety with its large amount of BTC holdings. Speculations in the market are developing around the idea that the US has the potential to manipulate the market with its Bitcoin reserves, and it is emphasized that such crypto transfers can create a greater impact with panic selling in the market rather than the amount sold.

Current situation of Bitcoin

After closing the day yesterday with a drop of around 1.5% below $61,000, Bitcoin saw accelerated buying, especially towards US trading hours today. The largest cryptocurrency is currently recovering yesterday's losses and moving towards $62,000.

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