Bitcoin briefly dropped below $59K on Wednesday following news that the US government had moved 10,000 BTC to Coinbase Prime.
The US government has moved 10,000 Bitcoin seized from Silk Road to Coinbase Prime. BTC is down over 3% following the move, while US CPI data suggests the possibility of the Fed cutting rates. Bitcoin 's price movement has often shifted with changes in
reserves, a pattern that has altered recently. On-chain data also shows a trend change in Bitcoin's price correlation to the fund reserves. Bitcoin down as US Government moves 10,000 BTC According to data from Arkham Intelligence, the US Government reportedly transferred 10,000 Bitcoin — equivalent to $591 million — to Coinbase Prime on Wednesday. The wallet, which bears the name US Government: Silk Road DOJ, made the initial transfer two weeks ago and again transferred the funds to Coinbase Prime today.
Fund Holdings This historical pattern appears to have been altered since January after spot Bitcoin ETFs launched in the US, as the drop in reservehas had little impact on Bitcoin's price. This indicates shifts in market dynamics or other influences that warrant a deeper analysis.
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