A US government-associated wallet has transferred 30,175 bitcoins, equivalent to around 2 billion dollars, to what is identified as a Coinbase wallet.
Reviving US Government-owned Bitcoin Wallet
A Bitcoin wallet identified as belonging to the US government and the owner of 30,175 BTC seized from the Silk Road website is back in action. Although the anticipation of a sale is building, the DOJ has not made any announcements regarding this matter yet.
However, a 0.001 BTC test transaction to a Coinbase Prime wallet did take place, indicating a potential future deposit for a sale.
With the current bitcoin price hovering around $65,000, this translates to a value of approximately 2 billion dollars.
Previous Sales and Market Impact
The last confirmed sale by the government, who had seized around 50,000 bitcoins linked to the Silk Road website at the end of 2022, occurred in March 2023.
On that occasion, 9,861 bitcoins were sold for 216 million dollars. Today’s transfer of bitcoins to an unidentified wallet, but labeled by Arkham Intelligence as belonging to the cryptocurrency exchange Coinbase, took place amidst a significant drop in the value of bitcoin for the day.
The bitcoin price slightly decreased following this news, dropping back below $65,000, before experiencing a slight rebound, down 4.7% over the last 24 hours.
