Bitcoin's price wavered around $61,000 on June 26, following the U.S. government's transfer of 4,000 BTC to Coinbase. This transfer, valued at approximately $240 million, was part of a larger sell-off including a similar move by the German government, which transferred 6,500 BTC last week.
The news spurred market speculation, with traders debating the potential impact on Bitcoin's price. Some traders anticipated increased supply hitting the market, while others closed out long positions in response. The U.S. government's wallet still holds over 213,500 BTC, making it a significant player in the crypto market.
Market observers noted the timing of these sales, with some suggesting coordinated action. William Clemente of Reflexivity pointed out that recent whale activity might have anticipated these moves, contributing to crypto's relative weakness compared to stocks.
In other developments, Bitcoin ETFs saw a modest inflow of $31 million, breaking a seven-day losing streak, indicating continued institutional interest in digital assets despite the volatile environment.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.