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<ul>
 <li><strong>The US Government and a dormant Bitcoin whale transferred Bitcoin worth 9.8 billion yen to exchanges, signaling potential sales.</strong></li>
 <li><strong>The transactions have sparked concerns about increased selling pressure in the cryptocurrency market.</strong></li>
</ul>
<p>On June 28th, Bitcoin transactions worth 9.8 billion yen were confirmed to have been transferred by the US Government and a previously dormant <a href="https://www.ethnews.com/peter-schiffs-warning-are-bitcoin-etf-investors-at-risk-compared-to-gold/" rel="noopener noreferrer nofollow">Bitcoin</a> whale. These transfers, likely intended for sale, have captured the attention of market participants and analysts alike.</p>
<h2 id="us-government-s-bitcoin-movements">US Government’s Bitcoin Movements</h2>
<p>According to data from the blockchain tracking service Arkham, the US Government transferred 11.84 BTC. While this is a relatively minor transaction on its own, it follows a series of substantial movements totaling approximately 4,000 <a href="https://www.ethnews.com/impact-of-decreasing-hash-rate-on-bitcoin-mining-challenges/" rel="noopener noreferrer nofollow">BTC</a> to the Coinbase exchange this week. Such significant transfers have raised alarms about potential selling pressure that could affect Bitcoin’s price stability.</p>
<p>In a related development, the governments of the US and Germany are preparing to sell <a href="https://www.ethnews.com/potential-market-movements-bitcoin-faces-short-squeeze-amid-rising-short-positions/" rel="noopener noreferrer nofollow">Bitcoin</a> valued at 41 billion yen. This announcement comes at a time when the Bitcoin market is already experiencing a downtrend, adding to concerns over increased supply and its impact on market dynamics.</p>
<h2 id="dormant-whale-s-reawakening">Dormant Whale’s Reawakening</h2>
<p>Simultaneously, a Bitcoin wallet belonging to a major holder, commonly referred to as a “whale,” reactivated after six years of inactivity. The wallet, identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3, transferred 1,000 <a href="https://www.ethnews.com/will-bitcoin-hold-60k-a-closer-look-as-options-expiry-looms/" rel="noopener noreferrer nofollow">BTC</a>, valued at 9.68 billion yen, to Coinbase. This wallet is now nearly empty, indicating a significant portion of its holdings has been moved with potential intent to sell.</p>
<p>The transfer of large quantities of dormant Bitcoin is often a signal for market caution. Historical patterns show that such movements can precede substantial price changes, as evidenced earlier this year when the listing of a <a href="https://www.ethnews.com/the-mysterious-500000-bitcoin-donation-to-julian-assange-potential-donors-revealed/" rel="noopener noreferrer nofollow">Bitcoin</a> ETF in the US resulted in the movement of 49,858 BTC.</p>
<p>Further adding to the market’s volatility, the trustee of Mt. Gox, a cryptocurrency exchange that filed for bankruptcy in 2014, announced plans to repay creditors with <a href="https://www.ethnews.com/willy-woo-demystifies-recent-bitcoin-rise-impact-of-algorithms-over-real-market-demand/" rel="noopener noreferrer nofollow">Bitcoin</a> and Bitcoin Cash starting in early July. This repayment involves a considerable amount of Bitcoin, potentially accelerating speculative selling.</p>
<p>These combined factors underscore the complexity and interconnected nature of the cryptocurrency market, where large-scale movements by significant holders or institutions can have <a href="https://www.ethnews.com/michael-saylors-bold-prediction-bitcoin-to-reach-10-million-by-2040/" rel="noopener noreferrer nofollow">pronounced</a> effects on overall market sentiment and pricing. As the market adjusts to these new developments, stakeholders will be closely monitoring for further signals of selling pressure or price stabilization.</p>
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<p>The post <a href="https://www.ethnews.com/us-government-and-dormant-whale-stir-bitcoin-market-with-9-8-billion-yen-transfer-meta-title/" rel="noopener noreferrer nofollow">US Government and Dormant Whale Stir Bitcoin Market with 9.8 Billion Yen Transfer Meta Title</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

US Government and Dormant Whale Stir Bitcoin Market with 9.8 Billion Yen Transfer Meta Title

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