#BecomeCreator Bitcoin (BTC) dropped further on Aug. 15 as a new United States government BTC transfer added to selling pressure.
Bitcoin sellers "dumping" fuels sell-off narrative
Data from Cointelegraph Markets Pro and TradingView tracked multi-day lows of $57,816 for BTC/USD.
The largest cryptocurrency reacted badly to the US government’s largest shipment of confiscated coins year-to-date, this totaling 10,000 BTC ($581 million)and heading to exchange Coinbase, per data from crypto intelligence firm Arkham.
The event canceled out any relief over US macroeconomic changes, with a cool Consumer Price Index (CPI) print failing to boost BTC price performance.
Reviewing the events, 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 wrote in a post on X.
“Within three days of the first two transfers, the price of $BTC both dropped by ~5%.”
Axel Adler Jr., a contributor to 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 asserted.##BecomeCreator #BTC☀
