- Bitcoin fell to US$82,898 before recovering slightly to US$83,388, leaving it down 2.38% over 24 hours.
- Zeus Research attributed the decline mainly to profit-taking and forced long liquidations after rising open interest and funding rates.
- US government-linked wallets moved roughly 4,000 BTC worth US$332 million directly to Coinbase Prime, alongside US$24.9 million in USDT.
- The transfers do not necessarily indicate sales, while the US government still holds about 319,061 BTC worth US$26.56 billion.
Bitcoin (BTC) dropped to its lowest level of the month late Wednesday, hitting US$82,898 (AU$119,179), according to data from CoinMarketCap. At the time of writing, the price had recovered to US$83,388 (AU$119,881), but was still down 2.38% over the past 24 hours. Despite the drop, the Crypto Fear and Greed Index remains in Greed territory with a score of 60.
The decline appeared to be “primarily driven by profit-taking and forced long liquidations, following a build-up in open interest and funding rates that left the market vulnerable to deleveraging”, Dominick John, an analyst at Zeus Research, told The Block.
Meanwhile, the US government has moved Bitcoin to Coinbase Prime, according to Arkham.
Arkham data shows US government-linked wallets moved roughly 4,000 BTC, worth about US$332 million (AU$476.6 million), directly to Coinbase Prime over the past 24 hours.
Read also: Metaplanet Sells Bitcoin, Buys Back More as Strategy Keeps Stacking
The largest single transfer was 2,818 BTC, valued at around US$234 million (AU$335.9 million), while another 595 BTC and 569 BTC were also sent to Coinbase Prime. The wallets also transferred about US$24.9 million (AU$35.7 million) in USDT.
Other large Bitcoin and wrapped Bitcoin transfers went to intermediary or unidentified addresses, meaning the total volume moved was higher. However, not all of it should be interpreted as exchange deposits or potential sales. Large holders sometimes move funds for custody or internal asset-management purposes.
Not Selling, Not Buying
In March 2025, President Trump signed Executive Order 14233, establishing a Strategic Bitcoin Reserve and prohibiting the sale of Bitcoin held in the reserve.
Read more: OKX Targets Mainstream Users With Stablecoin Savings and Spending App
Then White House AI and Crypto Czar David Sacks said on X that the government held about 200,000 BTC and that, while it wasn’t going to sell any, it also wasn’t going to buy more.
The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called ‘digital gold’.
David Sacks, former White House AI and Crypto Czar Arkham data shows the US government still holds US$26.66 billion (AU$38.26 billion) in digital assets, the vast majority of which is Bitcoin. At the time of writing, the government held 319K BTC worth US$26.56 billion (AU$38.12 billion).
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