A significant Bitcoin movement by the US government has caught the attention of the crypto community. Approximately 20,000 Bitcoin, valued at $1.9 billion, was transferred from a wallet associated with assets seized from Silk Road to Coinbase, as per data from Arkham Intelligence.
The wallet in question still holds a substantial reserve, with an estimated $18 billion in Bitcoin remaining post-transaction. This wallet’s origins trace back to the seizure of assets tied to Silk Road, a former dark web marketplace known for enabling unlawful trade before its closure in 2013. In addition to Bitcoin, the wallet includes other digital assets, such as ETH (valued at $217 million) and USDT (about $122 million).
The latest transfer was carried out in two steps: a test transfer of 0.001 BTC (around $97) to a Coinbase Prime deposit address, followed by a larger movement of 19,800 BTC ($1.9 billion). The funds first passed through an intermediary wallet before arriving at Coinbase.
This isn’t the first notable movement from this wallet. Back in late August, a similar transaction saw 10,000 BTC, valued at $600 million at the time, transferred to Coinbase.
Market sentiment has been impacted by this large-scale activity. Bitcoin's price saw a dip, briefly reaching $96,200 following the transaction, as per CoinGecko’s analysis.
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