everyone thinks seized government bitcoin is locked away forever but actually they just shuffled 12,267 $BTC worth about $1.01 billion on october 8.
you buy the dip thinking supply is tight then some gov wallet starts hopping coins and you're holding the bag. ngl this is how people get wrecked without even knowing why.
this pile is tied to funds seized from the 2016 bitfinex hack. on-chain shows they split the whole amount across newly identified addresses. related government wallets already sent more than 6,200 btc in recent days.
the us strategic bitcoin reserve policy says eligible forfeited $BTC should stay in custody. transfers keep happening anyway. when a billion dollars starts moving like this the whole tape feels it.
$ETH usually takes a hit too whenever this kind of $BTC overhang shows up. ser you cannot ignore flows this size.
where do you think this goes from here if they actually start selling?
#Bitcoin #OnChain #Whales
you buy the dip thinking supply is tight then some gov wallet starts hopping coins and you're holding the bag. ngl this is how people get wrecked without even knowing why.
this pile is tied to funds seized from the 2016 bitfinex hack. on-chain shows they split the whole amount across newly identified addresses. related government wallets already sent more than 6,200 btc in recent days.
the us strategic bitcoin reserve policy says eligible forfeited $BTC should stay in custody. transfers keep happening anyway. when a billion dollars starts moving like this the whole tape feels it.
$ETH usually takes a hit too whenever this kind of $BTC overhang shows up. ser you cannot ignore flows this size.
where do you think this goes from here if they actually start selling?
#Bitcoin #OnChain #Whales