Bitcoin fell to $59,000 as the US government moved to sell more BTC
Bitcoin fell 2.5% to $59,100 on Wednesday after the US government moved its Silk Road-linked bitcoin holdings to Coinbase Prime.
On-chain analytics platform Arkham Intelligence reported the move on Wednesday, saying 10,000 BTC worth $593 million had been moved. “Wallet bc1ql received 10K BTC from a known US government wallet 2 weeks ago,” Arkham tweeted. “This BTC has now been sent to 33J, the Coinbase Prime deposit wallet.” According to Arkham, the US government's bitcoin wallet still holds 203,239 BTC worth $12 billion. Most of the bitcoins were acquired in 2010. Silk Road is a hacker from the dark web marketplace that dropped in 2021. At the time, the 50,000 BTC seizure was the largest financial seizure ever conducted by the Department of Justice. This record was broken months later when the DOJ seized 94,600 BTC from Heather ‘Razelkan' Morgan and her husband Ilia Lichtenstein in a hack of the Bitfinex crypto exchange. The move to Coinbase indicates that the government will continue to sell its own BTC, despite Donald Trump's pledge to forever HODL the government's current coins if he is elected president in November. Also from the ongoing BTC reset for Mt. Gox is integrated with Lenders Distribution. Arkham on Tuesday reported $2 billion worth of bitcoin activity from Bitgo blockchain wallet Lender Coins.
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