Bitcoin soared to $70,000 after the Bitcoin 2024 conference, but fell below $67,000 following the US government's transfer of 29,800 BTC worth over $2 billion.

The transfer was suspected to be part of an escrow agreement with Coinbase.

The US government holds 183,000 BTC. If he sells the newly transferred 29,800 BTC, then China, which holds around 194,000 BTC, would become the country with the largest BTC holdings.