Bitcoin Magazine Bitcoin Price Slides to $110,000 as U.S. Government and BlackRock Move Millions in Crypto

Bitcoin price slipped from 24-hour highs near $116,000 to around $110,000 overnight, as large on-chain movements from both the U.S. government and BlackRock fueled speculation about potential institutional repositioning.

According to on-chain analytics, the U.S. government transferred 667.6 BTC, worth roughly $74.8 million, to a new wallet early this morning. The move immediately sparked concerns that the coins — likely seized from prior law enforcement actions — could be en route to an exchange for liquidation.

The transfer likely stems from the U.S. government’s August 2025 conviction of Sergei Potapenko and Igor Turogin in the Hashflare mining fraud case, according to Alex Thorn

See Full Page