- The U.S. government has transferred 10,000 Bitcoin (BTC), valued at $300 million, from a government wallet to Coinbase, signaling a potential upcoming sale.
- These Bitcoin likely originate from the Silk Road darknet marketplace seizure and could negatively impact the Bitcoin market price.
On August 15, 2024, Arkham Intelligence reported that 10,000 BTC were transferred from a wallet associated with the U.S. government to a Prime account on the Coinbase cryptocurrency exchange. The value of these Bitcoin is estimated at $300 million, and they are believed to be part of the seized Bitcoin from the Silk Road darknet marketplace, which has a total value of approximately $2 billion.
Two weeks prior, the U.S. government transferred $2 billion worth of Bitcoin to an unknown wallet. At that time, Arkham speculated that some of these Bitcoin might be deposited with custodians or institutional investors. The recent transfer to a Coinbase Prime account, typically used by institutional investors, strengthens the assumption of an impending sale.
The possibility of the U.S. government selling a large quantity of Bitcoin is worrying market observers, as this could significantly pressure the price of Bitcoin. Arkham Intelligence estimates that the U.S. government currently holds over 200,000 BTC, including those seized from illegal activities.
This latest transfer highlights the growing role of governments in the cryptocurrency market and the potential impact their actions can have on the market price of Bitcoin and other cryptocurrencies. It remains to be seen if and when the U.S. government will sell these Bitcoin and what the consequences will be for the crypto market.