A Bitcoin address that received a transfer of 10,000 BTC from a wallet owned by the US government two weeks ago has now transferred the full amount to a deposit wallet on Coinbase Prime.
The Bitcoin sent represents a portion of the crypto confiscated from the now-defunct illicit online marketplace Silk Road, with a value exceeding $592 million.
On April 2, the US government transferred 31,800 BTC to a separate wallet and has subsequently been disseminating this quantity to various addresses. Arkham Intelligence, an on-chain data platform, reports that the US government currently possesses more than $1 billion worth of Bitcoin (BTC) associated with Silk Road.
The most recent recorded transaction involving Silk Road’s BTC hoard occurred in March 2023, when the United States sold 9,861.17 BTC. Bitcoin has shown resilience in the face of US government actions, with a modest 0.5% price fluctuation in the past hour.
Recent research by CoinGecko, published in late July, disclosed that governments worldwide possess over 483,400 BTC. The United States government has the highest position, with a total of 213,297 BTC in its possession.
