The price of Bitcoin dropped to $66,000 early Tuesday, erasing gains from last week.
This decline comes after the US government moved $2 billion in BTC, raising concerns about potential selling pressure.
US Government Moves $2 Billion in Bitcoin
Bitcoin lost up to 5% in the past 24 hours before recovering slightly, following the transfer of $2 billion in BTC by the U.S. Marshals Service to two new wallets.
The monitoring service Arkham estimated that at least one of these wallets was a custodial service, with 10,000 of the nearly 30,000 BTC deposited with this institutional service, likely Coinbase.
Solana Leads Losses After a Week of Strong Gains
Solana experienced the biggest losses among major cryptocurrencies, dropping 6% and reversing Monday’s gains. The price of SOL rose as memecoin trading intensified on the network over the weekend, with on-chain trading volumes surpassing those of Ethereum, the usual leader.
Ethereum showed relative resilience with a 1% decrease, despite net outflows of nearly $100 million from new ETH Spot ETFs on Monday, marking their fourth consecutive day of outflows. Ironically, ETH has underperformed compared to Bitcoin and Solana in recent days.
