According to Spotonchain, the US government has transferred 3940 bitcoins (worth $241 million) to Coinbase Prime, in a significant cryptocurrency transaction. This move, implemented approximately nine hours ago, emphasizes a strategic shift in the government’s management of digital assets, particularly through platforms designed for institutional investors like Coinbase Prime.
What was the previous transfer mode?
On April 3, 2024, a comparable transaction involving 2000 BTC worth $131 million was conducted on the same platform. Interestingly, this transfer did not significantly impact the spot price of bitcoin, indicating that even large holders like the government do not always immediately cause market fluctuations. The market is now closely monitoring the potential impact of this latest transfer. Visit NEWSLINKER for the latest tech news.
Currently, the US government holds approximately 213,500 BTC, with a total value of around $13 billion. This substantial holding makes the government one of the largest individual holders of bitcoin globally, highlighting the significant influence of institutions and government entities in the cryptocurrency market.
Why use Coinbase Prime?
Coinbase Prime is known for providing high liquidity and security for large-scale trades. Its professional services meet the needs of a large number of investors, making it the preferred platform for the US government to manage its significant cryptocurrency assets. This choice indicates a sophisticated approach by the government to managing cryptocurrency assets.
Key gains from the transfer
Monitoring potential short-term fluctuations in the price of bitcoin. It is important to understand that large transfers do not always immediately impact market prices. Recognizing the strategic use of Coinbase Prime by the US government for secure transactions.
Large-scale transfers like this are always carefully examined for their potential market impact. Therefore, observing the price trend of bitcoin today is particularly important. Despite past transfers not significantly affecting spot prices, market participants will closely monitor the current transfer. As of now, the price of bitcoin is $60,743, down about 2% from yesterday.
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