No wonder Bitcoin is taking such a beating tonight—the U.S. government has moved coins again.
On-chain data shows that U.S. government addresses transferred out $165 million over the past 24 hours, including 1,583.8 $BTC sent to Coinbase Prime. The moment coins hit an exchange, the market’s first reaction is always, “They’re about to dump”—so the panic sellers rush for the exits.
But transferring coins to Coinbase Prime doesn’t mean they’re about to sell; Coinbase also offers custody services. And while $165 million sounds alarming, it’s a drop in the bucket compared with the $28 billion they hold. If they really wanted to dump, this wouldn’t be the only batch.
Still, the market buys into this narrative, and it likely played some part in tonight’s red candle. Let’s wait and see—no need to rush.
#On-chainData
(Not investment advice)
On-chain data shows that U.S. government addresses transferred out $165 million over the past 24 hours, including 1,583.8 $BTC sent to Coinbase Prime. The moment coins hit an exchange, the market’s first reaction is always, “They’re about to dump”—so the panic sellers rush for the exits.
But transferring coins to Coinbase Prime doesn’t mean they’re about to sell; Coinbase also offers custody services. And while $165 million sounds alarming, it’s a drop in the bucket compared with the $28 billion they hold. If they really wanted to dump, this wouldn’t be the only batch.
Still, the market buys into this narrative, and it likely played some part in tonight’s red candle. Let’s wait and see—no need to rush.
#On-chainData
(Not investment advice)