While Bitcoin has experienced sharp declines due to the recent BTC sales, the price made a small test below $ 59,000.
At this point, while the German government sold a large amount of Bitcoin through popular exchanges such as Coinbase and Kraken in the last two weeks, the US government also got on this sales train yesterday, Wednesday, June 26.
The US government also moved a total of 4,000 Bitcoins to Coinbase Prime yesterday. While this move of the US government affected Bitcoin, the price fell below $ 61,000 in a short time.
While giant governments' Bitcoin sales are causing selling pressure on the price, CryptoQuant CEO Ki Young Ju stated that the governments' current sales are clearly FUD.
Evaluating the US government's BTC sale from the X account, Ki Young Ju said that the sale of 4,000 BTC is unlikely to affect the market.
Noting that Coinbase Prime has the capacity to process a significant amount of liquidity between 20,000 and 49,000 BTC during periods when spot ETFs experience high inflows, the famous CEO stated that he is tired of governments selling FUD and that the sale should not be a major concern among market participants.
“The US government sold 4,000 Bitcoins but it is less likely to impact the market.
Coinbase Prime was managing 20-49k BTC per day during high spot ETF inflows and 6-15k BTC per day during low spot ETF inflows with sell-side liquidity.
“I'm posting this because I'm tired of 'government selling' FUDs.”
US gov't sold 4K #Bitcoin today, but less likely to impact the market.
Coinbase Prime handled 20-49K BTC in sell-side liquidity daily during high spot ETF inflows and 6-15K daily during low spot ETF inflows.
Posting this because I'm tired of "gov't selling" FUDs. pic.twitter.com/4IrO1aBGO6
— Ki Young Ju (@ki_young_ju) June 26, 2024
*This is not investment advice.
