The US government has recently deposited 58.74 BTC, valued at approximately $3.96 million, into Coinbase Prime. In 2024 alone, the US government has moved out a total of 6,261 BTC, worth around $392 million, primarily after the Bitcoin price increase in late February.
Of this, 5,999 BTC, totaling $376 million, has been sent to Coinbase. Currently, the US government still holds 213,000 BTC, amounting to about $14.3 billion.
The US Government deposited another 58.74 $BTC ($3.96M) to #CoinbasePrime 7 hours ago.
So far in 2024, the US government has moved out 6,261 $BTC at ~$62,538 ($392M), mostly after the price rose in late Feb. Among those tokens, 5,999 $BTC ($376M) went to Coinbase.
The US… pic.twitter.com/T2o9YKPY10
— Spot On Chain (@spotonchain) July 23, 2024
Meanwhile, Mt. Gox has also been active, transferring 2,239 BTC, valued at $149 million, to Bitstamp today. This is part of their ongoing effort to repay creditors, which began with the deposit of 1,545 BTC ($83.5 million) to Bitbank on July 5. Additionally, Mt. Gox moved 48,641 BTC ($3.06 billion) to what is likely a Kraken deposit on July 16 and has now moved 2,239 BTC to Bitstamp.
BREAKING: #MtGox moved 2,239 $BTC ($149M) to #Bitstamp 30 minutes ago!
To repay creditors in July as previously planned, Mt. Gox has so far:
Deposited 1,545 $BTC ($83.5M) to #Bitbank on July 5.
Moved 48,641 $BTC ($3.06B) to wallet “3JQie”, likely a #Kraken deposit,… https://t.co/c14GBN5daM pic.twitter.com/WSunktoogK
— Spot On Chain (@spotonchain) July 23, 2024
Bitcoin Likely To Drop Further Once This Line Breaks
This activity has influenced Bitcoin’s price, which recently fell to around $66,700, closely aligning with the average purchase price of $66,500 for 1-3 month Bitcoin holders. Should this support level break, attention will shift to the 3-6 month holders’ average purchase price of $63,600.
Correction occurred due to Mt.Gox issue, reaching the defense line of 1-3 month holders
“As a result, the price temporarily fell and is currently hovering around $66.7k. This price range is very close to the average purchase price of $66.5k for 1-3 month $BTC holders.
If that… pic.twitter.com/MVfvxzerSn
— CryptoQuant.com (@cryptoquant_com) July 23, 2024
Investor sentiment suggests a decreased willingness to sell Bitcoin, potentially reducing market supply. If demand remains steady or increases, this could lead to price rises.
Investors are unwilling to sell #Bitcoin
“A decreased willingness to sell assets could lead to a reduction in the supply of Bitcoin on the market, which, with steady or increasing demand, may cause price increases.” – By @AxelAdlerJr
Full post https://t.co/HdipPeIh6h pic.twitter.com/jhNDHiSKst
— CryptoQuant.com (@cryptoquant_com) July 23, 2024
On July 22, 2024, Bitcoin ETF net inflows were significant, with a reported $534 million, marking the 12th consecutive day of positive inflows.
$BTC #ETF Net Inflow July 22, 2024: +$534M (BIG DAY) – pending!
• The net inflow remains positive for 12 consecutive trading days.
• The above inflow figure does not include #Bitwise (BITB) data.
• #BlackRock (IBIT) recorded half a billion inflow. This ETF has not seen… pic.twitter.com/VkJ7q62mu6
— Spot On Chain (@spotonchain) July 23, 2024
BlackRock’s ETF saw half a billion in inflows, the largest since March 2024. In contrast, VanEck’s ETF experienced a $38.4 million outflow, its largest since inception. Grayscale’s ETF reported no net flow.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: Irochka/123RF // Image Effects by Colorcinch
