Krutika Adani
The US government dumped 3940 Bitcoins worth $240 million on Coinbase, presumably to sell them.
The German government has also transferred 900 Bitcoins to sell them in the open market.
Bitcoin sales might be happening now as the prices are at crucial support and at risk of further decline. The sellers might be expecting to sell them at the highest possible price.
The selling might result in an oversold market, with Bitcoin’s price plunging below $60k.
Bitcoin has lately struggled to hold $62k. Any decline at this stage could result in a marketwide liquidation and push the price towards $55k.