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Bitcoin&nbsp;dropped further on Aug. 15 as a new United States government BTC transfer added to selling pressure.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/8cf55548-6abc-4a33-b47a-4361e9a784c3.png" alt="US gov’t Bitcoin sale ‘doesn’t affect anything’ as analyst blames bears" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-sellers-dumping-fuels-sell-off-narrative">Bitcoin sellers “dumping” fuels sell-off narrative</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> tracked multiday lows of $57,816 for Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>).
The largest cryptocurrency reacted badly to the US government’s <a href="https://cointelegraph.com/news/breaking-us-government-moves-10-000-bitcoin">largest shipment of confiscated coins</a> year-to-date, totaling 10,000 BTC ($581 million) and heading to exchange Coinbase, <a href="https://platform.arkhamintelligence.com/explorer/tx/a224c1658e4e4c1c0480312aea6c6102dbd5ec912810c799998a4d2f00741b0d" target="_blank" rel="noopener nofollow">according</a> to data from crypto intelligence firm Arkham.
The event canceled out any relief over US macroeconomic changes, with a <a href="https://cointelegraph.com/news/btc-price-drops-bitcoin-rejects-low-cpi-print">cool Consumer Price Index (CPI) print</a> failing to boost BTC price performance.
Reviewing the events, the analytics platform Lookonchain showed copycat market reactions to US government transfers throughout 2024.
“The USGovernment transferred 15,940 $BTC($966.4M) to CoinbasePrime in three transactions this year,” it <a href="https://x.com/lookonchain/status/1823969792275177613" target="_blank" rel="noopener nofollow">wrote</a> in a post on X. 
<blockquote data-ct-non-breakable="true">
 “Within three days of the first two transfers, the price of $BTC both dropped by ~5%.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/bbc3bdd3-597f-41df-b05f-b95314d441aa.png" alt="US gov’t Bitcoin sale ‘doesn’t affect anything’ as analyst blames bears" title="">
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 BTC/USD chart with US government sales. Source: Lookonchain
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Axel Adler, a contributor to the onchain analytics platform CryptoQuant, suggested that large market players had dictated the risk-off reaction to the latest transfer by “selling the news.”
“Every time Arkham tweets about coin movements, bears instantly start dumping the market,” he <a href="https://x.com/AxelAdlerJr/status/1823952044257902679" target="_blank" rel="noopener nofollow">asserted</a>. 
<blockquote data-ct-non-breakable="true">
 “10K BTC from a US Government doesn’t affect anything, but the mere fact causes such a reaction.”
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<h2 data-ct-non-breakable="true" id="states-pay-the-price-for-refusing-to-hodl-btc">States pay the price for refusing to hodl BTC</h2>
As Cointelegraph reported, recent months have been marked by <a href="https://cointelegraph.com/news/german-gov-t-rushing-sell-bitcoin-maximize-liquidity-arkham-ceo">short-term bearish narratives</a> involving nation-states offloading seized BTC holdings.
Related: <a href="https://cointelegraph.com/news/bitcoin-supply-not-moved-6-months-research">45% of Bitcoin supply has not moved in 6 months — Research</a>
In addition to the US, Germany has sold its entire tranche, with Arkham’s tagged wallet now containing just 0.007 BTC ($400).
Offloading took place through June and July, with the balance before the move being worth some $3.5 billion. Within a week of the final sale, Germany had already <a href="https://cointelegraph.com/news/germany-lost-124m-profit-selling-bitcoin">lost out on $124 million in profits</a>.
“This will go down in history as one of the biggest mistakes a nation could make,” popular social media commentator and YouTuber Quinten <a href="https://x.com/QuintenFrancois/status/1811352529063567388" target="_blank" rel="noopener nofollow">predicted</a> at the time.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/a8e4cbc5-a4a8-460d-a408-21e51611f67c.png" alt="US gov’t Bitcoin sale ‘doesn’t affect anything’ as analyst blames bears" title="">
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 German government wallet BTC balance in USD (screenshot). Source: Arkham
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

US gov’t Bitcoin sale ‘doesn’t affect anything’ as analyst blames bears

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Cointelegraph

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