The US government is currently the largest geopolitical holder of Bitcoin, with 203,000 coins under its control.
According to the on-chain analysis firm, The funds were seized during the Silk Road raid and are currently worth $593.91 million. It should be noted that The United States Government currently holds approximately 203,000 BTCvalued at approximately $12 billion at the time of writing.
This is the latest high-profile transfer of Bitcoin holdings by the US government. The last transfer was for 29,800 Bitcoin, valued at almost $2 billion.sent from US Government wallets to an unknown address on July 29, 2024.
The US Government moves funds in BTC
A handful of BTC worth $600 million, which was transferred by the US government a few weeks ago, was sent to a Coinbase Prime deposit wallet on Wednesday.
Data provided by blockchain intelligence firm Arkham Intelligence reveals that a wallet associated with the US government made a Bitcoin transaction on Wednesday. The funds were sent to the cryptocurrency exchange Coinbase.
“The bc1ql wallet, which two weeks ago received 10,000 bitcoins (BTC) from a wallet identified as belonging to the United States authorities, sent 9,999.99 BTC, currently worth $594 million, to a Coinbase Prime deposit wallet,” the Arkham research team reported in a post on their X account.
The cryptocurrencies in motion originally stem from a seizure in the Silk Road case, formerly a notorious darknet drug market that operated with Bitcoin payments.
Cryptocurrency transactions to centralized exchanges are often interpreted as selling intentions, which can create downward pressure on the market.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
