US Government Moves 10,000 Silk Road BTC to Coinbase Prime
An address that recently received 10,000 BTC from a US government wallet has transferred the entire amount to a Coinbase Prime deposit wallet, as reported by on-chain data.
This BTC, part of the crypto seized from the Silk Road dark web market, is valued at over $592 million and was transferred to a Coinbase Prime hot wallet.
The US government had previously moved 31,800 BTC to another wallet on April 2 and has been distributing this amount to various addresses since then, according to on-chain data.
Despite these movements, the US government still holds over $1 billion in Silk Road-related BTC, as per data from Arkham Intelligence.
The US authorities confiscated 50,000 BTC linked to the Silk Road following the arrest of James Zhong in November 2022 for allegedly hacking the dark web market and stealing the seized amount.
In the latest known selling activity related to the Silk Road BTC stash, the US government sold 9,861.17 BTC in March 2023.
Bitcoin Price Resilience Amid Government Movements
Past “government dump” incidents, like when the German government sold seized BTC from Movie2k, led to price drops. However, despite recent US government movements, Bitcoin has shown resilience with only a 4% decline over 24 hours and a 0.5% increase in the last hour.
A report by CoinGecko indicates that governments worldwide hold around 483,400 BTC, with the US government owning 213,297 BTC, valued at nearly $28 billion.
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