CryptoQuant analyst explains the recent bitcoin decline by the actions of bears
According to him, such market participants are starting to sell actively amid the news about the movement of a large number of coins by the US government
15.08.2024 - 14:50
653
2 min
0
What’s new? Analyst Axel Adler, who acts as one of the verified authors of the analytical blockchain platform CryptoQuant, said that the reason for the recent decline in the bitcoin rate is the actions of bearish traders. For instance, they regularly sell coins right after the team at the analytics platform Arkham Intelligence reports major moves in the asset.
What else is known? On August 14, Arkham reported that the US authorities sent 10 000 confiscated bitcoins to the address of the institutional division of the cryptocurrency exchange Coinbase called Coinbase Prime. Following this, the asset's exchange rate fell by 6% and reached a one-week low of $57 816.
Analyzing these events, the Lookonchain team presented charts showing the crypto market's reaction to BTC transfers by the US government over the course of 2024.
Thus, during the current year, the authorities transferred a total of 15 940 bitcoins worth $966,4 million to Coinbase Prime as a result of three transactions. The first transaction to move the assets confiscated from the Silk Road darknet marketplace took place on April 2. The second transfer of bitcoins, which were seized from drug dealer Banmeet Singh, was recorded on June 26.
According to Lookonchain analysts, in the first two cases, the price of BTC fell by 5% within three days after the transfers. A similar situation is observed now.
According to Axel Adler, the US government bitcoins do not “affect anything, but the mere fact causes such a reaction,” prompting bears to sell and thus put pressure on the rate of the first cryptocurrency.
Useful material?
Telegram 
Twitter Incidents
The company is linking the incident to a compromised private key on a service wallet, rather than a smart contract exploit
May 22, 2026
Incidents
Following the incident, the project temporarily halted trading operations and node activity.
May 15, 2026
Incidents
The user spent weeks unsuccessfully trying to guess the password until Claude helped find an old wallet backup file
May 14, 2026
Crypto regulations
Authorities are introducing mandatory registration for companies handling cross-border crypto transactions
May 8, 2026
Incidents
According to Blockaid, the attack may have been carried out by the same hacker behind the 1inch Fusion V1 exploit.
May 7, 2026
Incidents
The attacker gained administrative access and altered contracts to drain user funds
Apr 30, 2026
Cryptocurrency rates
-
Bitcoin
$63 115
BTC
-5.76%
-
Ethereum
$1 784.6
ETH
-4.44%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.19
XRP
-2.75%
-
Dogecoin
$0.090254
DOGE
-3.23%
-
TRON
$0.160134
TRX
-1.59%
-
Zcash
$618.93
ZEC
-2.14%
-
Cardano
$0.196818
ADA
-7.96%
-
Stellar XLM
$0.205371
XLM
-9%
-
Polkadot
$3.32
DOT
+5.27%