CryptoQuant CEO Explained the Reason for the Drop in Bitcoin: “A Simple…”

Bitcoin what happened in recent days BTC While the price experienced sharp declines due to selling, it made a small test below $ 59,000.

At this point, while the German government has been selling large amounts of Bitcoin through popular exchanges such as Coinbase and Kraken in the last two weeks, the US government also got on this sales train on Wednesday, June 26, yesterday.

The US government also transferred a total of 4,000 Bitcoins to Coinbase Prime yesterdayThis move by the US government affected Bitcoin, and the price fell in a short time, falling below $61,000.

While major governments’ Bitcoin sales cause selling pressure on the price CryptoQuant CEO Ki Young Ju stated that the current selling by governments is clearly FUD.

Evaluating the US government’s BTC sale from the X account, Ki Young Ju said that the sale of 4,000 BTC is unlikely to affect the market.

Noting that Coinbase Prime has the capacity to process significant amounts of liquidity between 20,000 and 49,000 BTC during periods when spot ETFs experience high inflows, the famous CEO stated that he is tired of governments selling FUD and that the sale should not be a major concern among market participants.

“The US government sold 4,000 Bitcoins but it is less likely to impact the market.

Coinbase Prime was managing 20-49k BTC per day with sell-side liquidity during high spot ETF inflows and 6-15k BTC per day during low spot ETF inflows.

I’m posting this because I’m tired of the “government selling” FUDs.

US gov’t sold 4K #Bitcoin today, but less likely to impact the market.

Coinbase Prime handled 20-49K BTC in sell-side liquidity daily during high spot ETF inflows and 6-15K daily during low spot ETF inflows.

Posting this because I’m tired of “gov’t selling” FUDs. pic.twitter.com/4IrO1aBGO6

— Ki Young Ju (@ki_young_ju) June 26, 2024

*This is not investment advice.