US Government Transfers Bitcoin Worth $2 billion to Coinbase
Bitcoin witnessed a heavy sell-off pressure, which coincided with this transfer
Arkham, an on-chain data platform with blockchain intelligence, claims that a wallet connected to the U. S government has transferred Bitcoin valued at almost $2 billion to a new address.
The government-labeled wallet transferred the Bitcoin to an unidentified wallet before the chunk was divided into two addresses.
An initial test transfer of 0.001 BTC, worth $97, was made to a Coinbase Prime deposit address as part of the recent transaction. This was followed by a larger transfer of 19,800 BTC, or roughly $1.9 billion, to an intermediary wallet before it arrived at Coinbase.
Arkham identified a wallet in July belonging to the U.S. government that transferred $2 billion worth of Bitcoin to two different addresses. Bitcoin witnessed a heavy sell-off pressure, which coincided with this transfer.
The Bitcoin holdings in the wallet are connected to the asset seizures from Silk Road, a well-known dark web marketplace that, before its closure in 2013, enabled the illegal trade in drugs and weapons. In addition to other cryptocurrency assets like ETH (roughly $217 million) and USDT ($122 million), US authorities still held about $18 billion worth of Bitcoin at the time of reporting.
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