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The US government transferred 30,175 Bitcoin (BTC) to a wallet recognized as part of the crypto exchange Coinbase.
This move represents a substantial $2 billion, calculated at the prevailing Bitcoin price of approximately $65,000 per BTC.
US Government Moves $2 Billion in Bitcoin
This action follows the US government’s previous engagement with the cryptocurrency market. In March 2023, the government auctioned 9,861 BTC, netting $216 million. The government seized these coins as part of a larger cache from the infamous Silk Road website in late 2022, totaling around 50,000 BTC.
The transfer was identified by crypto sleuth ZachXBT, which flagged the recipient wallet as associated with Coinbase, one of the leading cryptocurrency exchanges.
“30.175 BTC, worth $2.1 billion, of Silk Road hack funds controlled by the US government is on the move right now. 0.001 BTC, worth $69, transferred to a Coinbase deposit address, so it’s a test transfer, possibly,” ZachXBT said.
The transaction’s timing and scale have sparked discussions among investors and market analysts, coinciding with a slight downturn in Bitcoin’s market price.
“They will probably sell it in the most stupid way possible, making the market mispriced. Good time to buy the dump if it happens,” crypto analyst Emperor said.
Read more: Bitcoin Price Prediction 2024 / 2025 / 2030
Bitcoin experienced a modest dip following the transfer, falling below the $65,000 mark. It has since made a minor recovery, stabilizing at $65,500, though it marks a 6.82% decrease over the last 24 hours.
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