The price of bitcoin fell further as the transfer of bitcoin by the U.S. government today added to the selling pressure. Axel Adler Jr., a contributor to the on-chain analytics platform CryptoQuant, said large market participants dominated the risk-off reaction to the latest transfer by "selling the news." He noted, "Whenever Arkham tweets about the movement of the currency, the bears immediately start selling the market. The 10,000 bitcoins sold by the U.S. government won't have any impact, but the facts themselves will cause such a reaction." According to crypto intelligence firm Arkham, the largest batch of cryptocurrencies confiscated by the US government this year totaling 10,000 BTC (worth $581 million) was transferred to Coinbase for trading. The event offset any positive impact from macroeconomic changes in the US, such as the failure of the Consumer Price Index (CPI) to boost bitcoin prices. Analytics platform Lookonchain shows that the US government's bitcoin transfers in 2024 have repeatedly triggered copycat reactions in the market. This year, the US government transferred 15,940 BTC, worth $966.40 million, to Coinbase Prime through three transactions. In the three days following the first two transfers, the bitcoin price fell by about 5% each.