The post US Government Transfers 10,000 BTC to Coinbase: Analyzing Market Impact and Potential Scenarios appeared on BitcoinEthereumNews.com.

Recent analysis by @ai_9684xtpa sheds light on a significant Bitcoin transfer executed by the US government on December 3rd. At precisely 00:34, the government moved a total of 10,000 BTC to the cryptocurrency exchange Coinbase. Shortly after at 00:47, these coins were directed to Coinbase’s hot wallet, identified as 3MqUP. The subsequent hours saw the distribution of this Bitcoin across 21 distinct wallets, each receiving approximately 498.445 BTC, with no additional transfers recorded for these new addresses. An intriguing observation from TradingView highlights that during the price decline, the 15-minute trading volume on Coinbase averaged only 300 BTC, indicating a mismatch between the large-scale sell-off and everyday trading activities. @ai_9684xtpa posits two primary scenarios: either the BTC is being retained for phased liquidation from various wallets, or an institution executed an OTC deal, keeping the coins out of the secondary market. Source: https://en.coinotag.com/breakingnews/us-government-transfers-10000-btc-to-coinbase-analyzing-market-impact-and-potential-scenarios/

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Filed under: News - @ December 3, 2024 4:14 am