US government transfers 10,000 Silk Road BTC to Coinbase Prime, Bitcoin price holds steady

A Bitcoin (BTC) code that received 10,000 BTC from a US authorities wallet 2 weeks agone moved the full stash to a Coinbase Prime deposit wallet today, according to on-chain data.

The BTC moved successful the transaction is portion of the crypto seized from the now-defunct acheronian web marketplace Silk Road. The magnitude is equivalent to implicit $592 cardinal and was moved to a Coinbase Prime blistery wallet.

On Apr. 2, the US authorities moved 31,800 BTC to different wallet and has been distributing this magnitude to antithetic addresses since then.

Notably, according to on-chain information level Arkham Intelligence, the US authorities inactive holds implicit $1 cardinal successful Silk Road-related BTC. 

The US authorities seized 50,000 BTC tied to the Silk Road erstwhile they arrested James Zhong successful November 2022. Zhong is accused of hacking the acheronian web marketplace successful 2012 and stealing the seized amount.

The past known selling question related to Silk Road’s BTC stash happened successful March 2023, erstwhile the US sold 9,861.17 BTC.

Resilience amid imaginable ‘government dump’

“Government dump” movements became notorious wrong the crypto assemblage aft the German authorities sold astir 50,000 BTC seized aft closing the piracy level Movie2k. The occurrence lasted 23 days and caused Bitcoin’s terms to autumn 17% betwixt mid-June and mid-July.

However, this clip Bitcoin is showing resilience amid the US authorities movement. Despite falling 4% implicit the past 24 hours, the terms saltation implicit the past hr is affirmative 0.5%.

A study published by CoinGecko successful precocious July revealed that governments astir the satellite clasp astir 483,400 BTC, with the US authorities taking the apical fertile with a full stash of 213,297 BTC.

Removing 10,000 BTC from the caller US authorities question and considering the existent terms of $59,160.64, the full magnitude held by sovereign states is astir $28 billion.

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