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The wallet address associated with the US government currently has 188,300 BTC.
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US Is Moving Bitcoin Linked to Silk Road, According to On-Chain Data.
On Monday, December 2, a Cryptocurrency wallet related to the United States registered important movements. According to data from Arkham Intelligence, an address linked to the US government transferred 10,000 bitcoin (BTC), equivalent to approximately $963 million, to the Coinbase Prime wallet.
Coinbase Prime is an OTC (over-the-counter) trading and custody platform from Coinbase, one of the largest cryptocurrency exchanges in the world. This type of movement towards an exchange is usually interpreted as a prelude to the sale of digital assetswhich could indicate that the US government is taking steps to liquidate some of its bitcoin holdings.
Another batch of 10,000 BTC were sent by the US to Coinbase. Source: Arkham Intelligence.
Sending 10,000 bitcoin to the Coinbase Prime deposit address was made after the US address. received 19,800 BTC from another government wallet. The service then transferred the coins to a hot wallet or offline wallet from the same Coinbase service. These BTC are part of the funds seized from Silk Road, according to Arkham Intelligence.
Silk Road was a notorious darknet market that operated between 2011 and 2013 that used bitcoin as its primary medium of exchange. The platform was closed by the FBI in 2013, after the arrest of its founder, Ross Ulbricht, who was sentenced to life imprisonment for money laundering, hacking and drug trafficking conspiracy.
The US government has been actively moving funds linked to Silk Road in recent months. Despite the movement of 10,000 BTC to Coinbase, the United States still holds a considerable amount of bitcoinwith a total of 188,309 BTC. In addition to bitcoin, the government owns other cryptocurrencies such as Ethereum, USDT, BNB and BUSD, among other altcoins.
In August, the US transferred a first batch of 10,000 BTC from the Silk Road case to Coinbase, and currently, this exchange custody more than 50,000 BTC related to the failed platform. This suggests a digital asset management strategy which could be entering a more active liquidation phase.
Everything indicates that this action by the US government is profit-taking, especially considering that BTC is now trading above $95,000. In the month of November alone, the digital currency rose a remarkable 38.4%, boosted by Donald Trump’s US election victory and strong activity in spot bitcoin ETFs.
BTC price has increased almost 40% in 1 month. Source: TradingView.
This move could be compared to the action taken by Germany, which sold all of its BTC holdings, about 50,000 bitcoinin the belief that the seized cryptocurrencies would lose value. This decision was reported by CriptoNoticias, when Germany managed to sell these BTC for a total of 3,000 million dollars. If they had not been sold, Germany would currently have a fortune valued at $4.75 billion.
The United States’ strategy regarding the sale or retention of these bitcoins remains a subject of speculation. The decision to move these funds could reflect a strategy to take advantage of the recent rise in the price of bitcoin or a preparation for future sales, which could impact the cryptocurrency market globally.
This article was created using artificial intelligence and edited by a human Editor.
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