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

A Bitcoin (BTC) tackle that acquired 10,000 BTC from a US authorities pockets two weeks in the past moved its whole provide to a Coinbase Prime deposit pockets right now, according to to information within the chain.

The BTC concerned within the transaction is a part of the crypto seized from the now-defunct darkish net market Silk Street. The quantity corresponds to greater than $592 million and was moved to a Coinbase Prime scorching pockets.

On April 2, the US authorities moved 31,800 BTC to a different pockets and has since distributed this quantity to totally different addresses.

Remarkably, according to to the on-chain information platform Arkham Intelligence, the US authorities nonetheless owns greater than $1 billion in Silk Street-related BTC.

US authorities seized 50,000 BTC linked to the Silk Street after they arrested James Zhong in November 2022. Zhong is accused of hacking into the darkish net market in 2012 and stealing the seized quantity.

The final identified promoting transfer involving Silk Street’s BTC provide occurred in March 2023, when the US offered 9,861.17 BTC.

Resilience amid a possible ‘authorities dump’

‘Authorities dump’ strikes turned notorious throughout the crypto neighborhood after the German authorities offered almost 50,000 BTC seized after shutting down piracy platform Movie2k. The episode lasted 23 days and prompted the value of Bitcoin to fall 17% between mid-June and mid-July.

This time, nonetheless, Bitcoin is displaying resilience amid the US authorities motion. Regardless of a decline of 4% prior to now 24 hours, the value variation over the previous hour is constructive: 0.5%.

A report published by CoinGecko in late July revealed that governments around the globe maintain almost 483,400 BTC, with the US authorities taking the highest rank with a complete provide of 213,297 BTC.

Eradicating 10,000 BTC from the latest US authorities transfer and contemplating the present worth of $59,160.64, the entire quantity held by sovereign states is sort of $28 billion.