The U.S. government has reportedly transferred 19,800 Bitcoin worth approximately $1.92 billion. 10,000 Bitcoin, worth $962.9 million, was sent to Coinbase of this amount.
Meanwhile, this transfer comes on the heels of a year spent shifting a total of 25,999 Bitcoin, equivalent to $2.49 billion, into the Coinbase vault at the hands of the government. They are interpreted as custody related rather than as outright sales as part of management’s strategic approach to holding.
Bitcoin Price Trends and Large Transactions
In 2024, Bitcoin showed an upward movement, starting out near $40,000 and topping out at over $99,000 after Nov. Although there were large Bitcoin transfers resulting in outflows, those outflows could not overpower this price momentum. Other key events include 2,000 Bitcoin (131.15 million) moving on April 3 and 3,940 BTC (241.27 million) on June 27.
The July 23, 58.742 Bitcoin ($3.96 million) outflow, however, was noteworthy for being so small that it didn’t cause much damage to the market. The transfers of 10,000 Bitcoin each on Aug 14 and Dec 3 followed higher prices, clearly displaying that the market is quite resilient.
Government Holdings and Sell-Offs
As of now, the U.S. government retains approximately 183,850 BTC, valued at $17.57 billion across known addresses. In 2024, its recorded outflows were 25,999 BTC at an average price of $74,582 per BTC for a total outflow of $1,939B.
Despite these outflows, the overall market clearly absorbed this flow nicely since BTC was rising with the overall market.
Current Market Conditions
At press time, Bitcoin traded at $94,995.76 and had 24 hour trading volume of $68B, according to CoinMarketCap data. This shows that the market has retained strong demand and liquidity after its stable price following government related deals.
It comes hot on the heels of upward momentum that was gaining steam mid-year, with throughput levels breaking into the $70,000 and then the $80,000 per day. Most importantly, the market prices the psychological $100,000 barrier as a new focal point for follow-on market activity.
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