The US moved $1B in
BTC
81,088.01
-2.67%
Bitcoin and the market immediately screamed "SELL"
But the blockchain tells a less dramatic story
Government-linked wallets moved 12,267 ₿ $BTC from funds seized in the Bitfinex hack to unlabeled addresses. None of that Bitcoin has been confirmed as deposited to an exchange
There is another important detail: the DOJ has previously argued that the recovered Bitfinex coins should be returned to the exchange as in-kind restitution
Meanwhile, the selling we can actually see is coming from ETFs, which lost about $729M in two days
So right now we have:
$1B moved
No confirmed sale
$729M definitely left ETFs
Crypto loves panicking first and checking the destination address later
The next transaction matters more than the first one