Renowned investor Cathie Wood speculated about the U.S. government’s role in the record movement of inactive Bitcoin (CRYPTO: BTC) on Saturday.
What Happened: Wood, the CEO of ARK Invest, was responding to an X post by Ark analyst David Puell, who highlighted the highest single-day amount of coinblock destruction in Bitcoin’s history.
Coin Days Destroyed is a metric that tracks the movement of BTC based on how long they have been held before being transacted. The more old coins move, the higher the metric.
Puell said a record 1.1 million coin-years, with 6.5 years of holding time value, moved in a single day.
The lack of price volatility in response, unlike typical movements of dormant BTC, piqued Wood’s curiosity.
“The Bitcoin market stabilized fairly quickly, so could this block be part of a government settlement deal? Is it now part of a government treasury?” Wood speculated.